Everything That 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. 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. What is a Probate? Probate is a legal process that takes place after a person dies. Typically, the this includes:
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oProving in court that the deceased person’s will is true and valid
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oIdentifying and 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. oDistributing the remainder of properties according to the will. Usually, taking care of the probate process requires plenty of paperwork and even court appearances. The process will be overseen by a probate court. Once a deceased person dies and has left a will, it is the job 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. This law will determine the distribution of assets according to the hereditary succession. What is the Process of Probate and Wills? 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 to the court that your will is valid and will provide a list of 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. During the probate process which usually takes a year, your 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. Generally, a will does not have any effect until it is rightfully submitted and approved by the court. If you think your assets or properties are executor must find, secure, and manage the assets that you have left behind. This will ensure that anything and everything you have left behind will be properly protected and goes to the rightful heir.