3 Essential Things You Need To Know About Probate Law
The probate process can be complicated and overwhelming for you if you're not a legal professional. It has intricacies that you may not fully understand and that can leave your loved one's estate in jeopardy. Before starting any probate proceedings, it's vital that you know what you're getting into. A probate lawyer can also help you navigate this process more efficiently. Here are three vital things you should know about probate law.
Not All Assets Can Be Shared Through a Will
If you die, most of the things in your estate will be distributed to the people or organizations you named in your will. However, not all assets can be distributed through a will. For example, life insurance policies and retirement plans have their own rules for who gets the money when you die. In the case of life insurance, the beneficiary is usually the person you named as the policyholder. With a retirement plan, the money goes to whoever is listed as the beneficiary on the account.
If you die without a will, the state will decide who gets your assets. This is called "intestate succession." In most states, the people who can get your assets include your spouse, children, parents, brothers, sisters, grandchildren, and other relatives in order of closer relationships to you. Non-relatives who can have a claim to your assets include distant relatives, charities, and government agencies. In some cases, state law can allow people you did not name to inherit part of your estate. If you want to make sure that everything goes according to your wishes, it's advisable to work with a probate attorney.
Before Receiving Your Loved One's Assets, The Testament Must Be Approved in Court
After the death of your relative, you'll have to file a claim with the court to be approved as the estate's administrator. Although this may seem a relatively simple process, it may overwhelm you if you're not prepared. The estate administrator is responsible for handling all financial transactions and ensuring that the will is executed according to the deceased's wishes. According to state law, if the court doesn't approve it, their assets will be shared with the heirs. But if the court approves it, all assets will be transferred to the right people. Partnering with a probate lawyer throughout this time can make the process much smoother for you.
Unhappy Partners Can Appeal
If you're not happy with how the court handled your case, you have the right to appeal. This can happen even if a settlement was reached in mediation or negotiation before trial. The role of probate law is to ensure that all parties have a fair chance to have their voices heard.
Probate law can be complicated, but you can learn more about these things to avoid making mistakes if you have a trusted advisor like an attorney by your side.
For more information on probate law, contact a professional near you.
Share