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Everything That You Need To Know About Real Estate Law Most of the time, real estate law covers a vast and complex concepts that it is advisable to hire 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. Defining a Probate Probate is a legal process that takes place after a person dies. Typically, the this includes:
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o To prove in court that the deceased person’s will is valid.
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oTo identify and inventory the deceased person’s property. oHaving the property of the deceased person appraised. oPayment of debts and taxes. oProper distribution of the remaining property/properties as what is stated in the will. It is common that the process of probate requires court appearances and a long list of paperwork. The whole 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. Furthermore, if the deceased has left no will, the court will assign a personal representative to 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 you die, the person whom you appointed as an executor of your will – of when you have no will the court will name an executor for you- 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. Additionally, it is in this process when your 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 the contents of your will or the amount of the debt that you have, it is also the executor’s job to decide if they must sell your property or not. The general rule of the thumb is that a will does not have any effect until it is submitted and approved by the court. If you feel that your assets are complicated, large, and may cause future problems to your loved ones, it is best to hire a lawyer to help you out. This will help ensure that everything and anything you have left behind will go the right heir.