What Is Probate?
No matter what type of property you own, Probate Attorneys help in many ways to get things done. So if you are thinking about moving into a new home, then you might be asking yourself, what is Probate?
Probate refers to a court proceeding that allows the deceased to have his or her personal property divided up between his or her heirs. The deceased may have left it to his children, or to a living spouse. At the end of the proceeding, the surviving spouse or children receive their share.
People who are not related are even eligible to file for Probate so they can have their debts and mortgages settled, or so they can pay off some other loans. It is very important that you understand the legalities of this process before you even think about filing. To learn more about estate planning lawyer, visit on hyperlinked site.
There are several different types of Probate. Each state has a different type of Probate but all involve a court taking possession of property owned by the deceased.
In a liquidation proceeding, the court involves a trustee or an administrator to sell off property and assets to pay debts and settle accounts. Most states require a trustee to be chosen in order to make the sale, and that can often delay the selling process.
In some states, a trust is created so that the estate is held through a trustee, and nothing is actually sold. This type of Trust is known as a "qualified trust." In another type of Probate, something called "Tribal Probate" happens. Some tribes allow their members to file petitions to have their property divided. In some cases, the tribe will fund part of the proceeds.
Another form of Probate that is important to remember is a "Judgment and Apportionment." This is when a court decides how assets are to be distributed. Often times, people who do not have enough property will try to claim more of the property by hiring an attorney. They will make a claim for property that they own, and they do not have enough property to make the claim. This type of Probate is usually referred to as "Judgment and Apportionment."
