Answering Two Questions Regarding Probate Court
Losing one of your loved ones to death can be a stressful and confusing experience for you to go through. In addition to the difficult emotional struggles that can accompany a death, you may also find yourself having to handle the various legal and financial aspects of inheritance. This will likely involve going through probate court, and if this is something that you have never done, you may benefit from learning the following answers to probate court questions.
What Is The Purpose Of Probate Court?
When a person dies, it is likely that they will have debts and assets that will need to be handled. To address these issues, the court will verify that the individual is actually deceased, and a comprehensive inventory of the assets and debts will be created. During this process, the court will work to settle as many of the debts as possible using insurance policy proceeds and savings. In instances where there is not enough money to pay these debts, some of the assets may need to be liquidated to raise the money needed.
Does Having A Will Allow You To Avoid Probate Court?
Considering the inconveniences and costs involved with going through probate court, it is easy to understand that many people want to avoid this outcome. Unfortunately, they may assume that having a will is sufficient for avoiding probate. However, this is not the case, and the court will still need to perform the standard probate actions, but the remaining assets will be distributed according to the directions left in the will.
Fortunately, it is possible to help avoid probate through a variety of legal strategies. For example, it may be possible to mitigate probate through the use of a living trust. Under a living trust, you will still have access to your assets, and you will be able to directly transfer control of the trust without needing to go through probate. Fortunately, an attorney specializing in probate proceedings will be able to help you determine whether creating a living trust will be a viable solution for your needs.
Managing the legal aspects of transferring the assets of a deceased loved one can be a complicated task. By making sure to know what you should expect from going through the probate court system as well as the steps that you can take to avoid this time-consuming process, you will be better able to address the inheritance issues that can arise following a death. For more information, contact a probate lawyer like David R Webb Attorney.
Share
