Wills In Probate: Is A Will Required? No! Not every will must undergo probate. However, there are a few instances in which a Will could avoid the entire probate process. Some property and assets may be exempt from probate, and while the specific rules may differ by state, some things may be universal. The probate proceedings appear to be a difficult and costly undertaking. On the other hand, Wills in probate is a legal process that is performed rather frequently and is the method by which certain assets must be properly transferred from the individual who has died to their heirs or beneficiaries.
What Is Probate?
Probate is the total administration of a deceased person’s estate. This entails organizing their finances, assets, and belongings and distributing them as an inheritance after paying taxes and debts. If the death has left a Will, the document will specify who they have selected to administer their estate. This individual is referred to as the executor of the estate.
Probate can help solve many problems, such as contested wills, whether it involves a dispute over the value of assets, the interpretation of a will, or dealing with difficult executors.
Struggling To Get Your Inheritance?
What Happens When A Will Is Not Probated?
Even while there is no legal consequence for failing to get a will validated, there is a possibility that not doing so could result in severe consequences. A will may be deemed null if the probate process is not started within four years after the decedent’s passing. You will no longer have the ability to have the will probated, which may result in extremely severe repercussions. Below are some problems that may occur if a will is not probated.
Assets Don’t Transfer To Beneficiaries.
If the deceased person did not leave a will, the probate process is required to determine the correct inheritance priority according to the state’s intestate succession laws. Without this determination, the assets cannot be lawfully distributed after the decedent’s death. If probate documents are not submitted, heirs risk not receiving what is rightfully theirs and may be forced to sue.
Asset Expenses Aren’t Paid.
Suppose the deceased person has probate assets, depending on the size of the estate, such as a property, a car, a retirement account, or family trusts, but did not name a beneficiary for those assets. In that case, the assets must go through the probate process to be passed on to the beneficiaries.
Creditors Can Seek Payment From You
Creditors can seek payment from you if a will is not probated. If a person passes away with outstanding bills or debt, creditors will have the right to file a claim against the deceased person’s estate. When an application for probate is made, the creditors will normally have four months during which they can submit a claim to be paid for these claims. On the other hand, if a person passes away and their assets are not administered through the probate process, the deceased person’s creditors have one year to file a lawsuit against the estate to demand repayment of the debts.
When Is Probate Unnecessary In Arizona?
Someone in the family needs to make an inventory of the deceased person’s assets before and after their passing to establish whether or not a probate is necessary for the deceased individual’s estate. The inventory’s primary objective is to ascertain whether or not there are any assets belonging to the deceased person that continues to be titled in the deceased person’s name after death. If the deceased did not have any assets or if there are no assets that remain titled in the name of the deceased, then a probate is not necessary. If, on the other hand, the goal of the probate is to notify the deceased person’s creditors and oblige them to submit a claim with the personal representative or risk having their claim permanently blocked, then a probate is required.
How We Can Help You
Taking specific precautions before one passes away, such as putting one’s assets in a trust, or having a family trust, is one way to circumvent the need for the legal process known as probate and prevent the majority of these complications from occurring. One of the most difficult parts of the probate process is dealing with complicated legal documents and the probate timeline. To help our clients deal with this, we provide financial assistance during probate. Let us know what your needs are, and we will help you find the right solution for you.