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Information 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. 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 the court of law that the deceased person’s will is valid
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oIdentifying and creating an inventory of the deceased person’s property oHaving the deceased person’s property appraised. oWhen there is a need to pay 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. A probate court will oversee the whole process. 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. 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. Following this law, the court will determine the rightful distribution of assets according to the 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 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. It is also during this process when relatives and creditors are legally notified of your death. The whole probate process will usually take at least one year, in which the executor must find, secure, and manage the assets that you have left behind. Following the contents of your will or the amount of your debt, it is your executor’s responsibility to decide if your property must be sold or not. Generally, a will does not have any effect until it is rightfully 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 that you have left behind will go to the right person.