Real estate law covers a complex and vast processes that you may want to have the services of a lawyer to help you out. In addition, it is also quiet normal that one country has different real estate law from another. One of the most common inquiries when it comes to real estate law are the processes involved in probate and wills.
What is a Probate?
A probate is a legal process which takes place after someone dies. Typically, the whole process involves:
oProving in the court of law that the deceased person's will is valid
oIdentifying and creating an inventory of the deceased person's property
oWhen the deceased person's property needs to be appraised.
oPayment of debts and taxes.
oDistribute the remaining properties as what the will dictates.
It is usual that the probate process will require plenty of paperwork and even court appearances. The process will be overseen by a probate court. Once a deceased person dies and has left a will, it is the job of the probate court to prove the legitimacy of the will and when it will take legal effect. Without a will, it is the court will appoint a personal representative to distribute the deceased property's according to the laws of Descent and Distribution. Following this law, the court will determine the rightful distribution of assets according to the hereditary succession. Know about Probate and Wills Spruce Grove here!
What is the Process of Probate and Wills?
After you die, your will's executor - or if you do not have a will, the court will assign a person on your behalf - must file papers at the local probate court. It is the executor's job to prove the validity of your will and present the court with the list of your property and debts, as well as, who will inherit anything that you have left. It is also during this process when relatives and creditors are legally notified of your death.
The whole probate process will usually take at least one year, in which the executor must find, secure, and manage the assets that you have left behind. Following the contents of your will or the amount of your debt, it is your executor's responsibility to decide if your property must be sold or not.
As a general rule, a will does not have any effect until it is submitted and approved by the court. If you think your assets or properties are executor must find, secure, and manage the assets that you have left behind. This will ensure that anything and everything you have left behind will be properly protected and goes to the rightful heir. Click Here to get started!