When you see the dead body of your loved one, you are in a terrible state of shock. No doubt you have got nothing to do with the property, the money and the inheritance that you have been assigned with, deep down inside, you know that you must go on and live your life with a smile after a few days. After all, no one can control death and the things that are beyond your control make you surrender in life.
If you have recently lost a loved one and have been assigned with inheritance, you must know about the concept of probate. The word probate stands for proving of a particular will, which is written by the one, who wishes to pass his money or property to someone he trusts and adores. For an instance, if your father has a huge property, there are a lot of chances for you to be its heir, post his death.
Here is everything that you need to know about this concept:
It is related to:
• All the properties that a deceased individual has
• Repayment of debts that the deceased individual has left behind
• Getting the rights to get the royalties, dividends of stock, etc. that the deceased individual has left behind
• Settlement of all the property as well as financial disputes
• Liquid assets and properties of the deceased individual
• Distribution of the properties to the eligible heirs that are family to the deceased individual
When an individual dies, the will is read and disclosed to the entire family. Depending upon the choices he makes while he is alive, the property is distributed. However, if there are things that have not been mentioned in the will, lawyers are hired to distribute the properties and money in equal proportions to the eligible heirs.
How does probate work?
There is a huge process behind this concept:
• The petitions are filed and the court dates are taken for the individuals
• Probate is initiated with a petition, which is submitted in the court
• The court sets a hearing date within 120 days after the submission of the petition
• The process begins right when a personal representative or lawyer is hired for the hearing at the court
• If needed, additional pleadings and settlements come into the picture to resolve the dispute related to probate
• Finally, after all the hearings, court dates and the long process, the date of closing and distributions arrives. All the eligible heirs are called to the court and the judge announces his decision, based on which the heirs get what they deserve.