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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 questions when it comes to real estate law is the process of probate and wills. What is a Probate? Probate is a legal process that takes place after a person dies. Usually it includes the process of:
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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 deceased person’s property appraised. oPaying taxes and debts for the property. oDistribute the remaining properties as what the will dictates. It is common that the process of probate requires court appearances and a long list of paperwork. The 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. Without a will, it is the court will appoint a personal representative to distribute the deceased property’s according to the laws of Descent and Distribution. 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, your will’s executor – or if you do not have a will, the court will assign a person on your behalf – must file papers at the local probate court. It is the executor’s job to 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. It is also during the probate process when 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 what is stated on your will or the amount of your debt, it is the job of your executor to determine if your property will be sold 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.