The affairs of a deceased person must be dealt with fairly and that is essentially what probate is. A deceased person’s assets are moved out of their estate and given to their beneficiaries. A court process must be conducted to ensure that everything is distributed fairly, and this is what probate is. The money a person leaves behind in their estate is used to pay off any debts the person left behind, and this same money is also used to pay off any financial obligations they had.
The probate court will overlook the following factors:
- Gathering of records
- Notifying creditors of the loss of life
- Verifying debts
- Determining if a will was left behind
- Determining the heirs
- Appointing guardians
- Distributing the property
If a person carries out estate planning beforehand, they can avoid the hassle of their family going through probate court to get the assets that should be rightfully passed on to them. A person can turn to create a revocable trust to hold their property if they want to avoid probate court. When a person opts for this type of trust, they get complete freedom over-managing one’s property. A person is allowed to terminate it, modify it, and add property as they deem fit.
A revocable living trust is an agreement involving three parties. The Trust beneficiaries, The Trust-Makers, and the Trustees. A person planning their estate will have to select someone to play these roles so they can manage their assets and have full enjoyment of the assets as well. A person can also allot back-up managers to handle these affairs in case they are no longer alive.
How long do probate matters take to resolve in Saint George, Utah?
Simple probate matters can take a month to resolve, and more complex matters can even take more than a year. Simple probate matters include when all the deceased financial activity is well recorded and well known and no property must be sold. When all the heirs agree over the distribution of the property then matters are resolved a lot more quickly as well.
The best way to ensure that the distribution of their assets and the probate process goes as quickly and smoothly as possible is to carry out proper estate planning with the help of a lawyer as soon as possible. Whether a person has a large estate or a small one they should make sure to get this taken care of so their loved ones are not unjustly taken advantage of.
Get in touch with an estate planning lawyer at the Law Office of Barney Mckenna & Olmstead today to plan for the future and begin the estate planning process.
Reach us at:
43 South 100 East
590 W Mesquite Boulevard