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What You Need To Know About Real Estate Law Real estate law covers a complex and vast processes that you may want to have the services of a lawyer to help you out. Additionally, it is also 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. Defining a Probate Probate is a legal process that takes place after a person dies. Typically, the whole process involves:
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o To prove in court that the deceased person’s will is valid.
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oIdentifying, as well as, creating an inventory of the deceased person’s property. oWhen the deceased person’s property needs to be appraised. oPaying taxes and debts for the property. oProper distribution of the remaining property/properties as what is stated in the will. 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. When a person who died has left a will, it is the task of the probate court to prove the legitimacy of the will and when it will take legal effect. Finally, if ever the deceased has not left a will, the probate court will appoint a legal personal representative who will be tasked distribute the deceased property’s that is according to the Descent and Distribution law. By following this law, the court will be able to properly distribute assets according to hereditary succession. What is Probate and Wills Process? After your death, the person whom you named as the executor of your will – or if you die without a will, the court will appoint an executor- will file papers at the local probate court. The executor must 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 the probate process when relatives and creditors are legally notified of your death. The probate process will typically take at least a year, during this time, the executor must find, secure, and manage the assets that you have left behind. Depending on what is stated on your will or the amount of your debt, it is the job of your executor to determine if your property will be sold or not. Generally, a will does not have any effect until it is rightfully submitted and approved by the court. If your assets are large, complicate, and you feel that it may cause problems to your loved ones once you passed away, it is best to hire a lawyer to help you out. This will help ensure that everything and anything that you have left behind will go to the right person.