Why Is Melissa "My Realtor" Talking About Wills & Probate

The legal procedure for managing a decedent's estate is called probate. The goal of probate is to distribute the deceased's remaining assets in accordance with the terms of their will or the state's intestacy statutes after paying off their debts and taxes and transferring their assets to their legitimate heirs and beneficiaries.

Here are some common reasons why an estate may have to go through probate:

1. The deceased had property that belonged to them alone: The only-in-their-name assets, such as a home or bank account, that the deceased person had must go through probate in order to transfer title to their heirs or beneficiaries.

2. If there is no valid will, the deceased person's inheritance will be divided in accordance with the state's intestacy laws. Probate is required to identify the legitimate heirs and disperse the assets to them.

3. There are disputes among the heirs or beneficiaries: If there are disputes among the heirs or beneficiaries about the distribution of the assets, probate may be necessary to resolve those disputes.

4. The estate owes debts or taxes: If the estate owes debts or taxes, probate may be required to pay off those obligations before the remaining assets can be dispersed to the beneficiaries or heirs.The estate is complex: If the estate is complex, such as having many assets, business interests, or real estate in different states, probate may be necessary to properly manage and distribute the assets.

Ultimately, probate can be a time-consuming and expensive process, but it is frequently required to make sure that the decedent's assets are fairly distributed and their debts are paid off.

Stayed tune all week for more information on this topic!

***REMEMBER: I am not a lawyer; I just play one on my blog, LOL! Just kidding. Always consult a lawyer for legal advice.

I work with many different professionals and may have a good referral for you so CONTACT ME, I'm here to help!