Protecting your legacy extends beyond your work and all the assets that you have. As the American population is aging, the need for proper planning of all assets is rising in Knoxville, Tennessee. When you experience the loss of a loved one, there are a lot of things that need to be addressed, and one of them is the probate procedure. Ensuring that the loved one’s wishes are fulfilled is one of the most important tasks.
Probate is the legal process of properly validating śomeone’s will and distributing assets. It is claimed to be a very time-consuming procedure and requires a lot of knowledge of how the legal system functions. This can be a very daunting task for people who are not experienced, and getting professional help from The Ebbert Law Firm is clearly the best way to navigate these situations.
How Twisted is The Probate Process?
The probate process is not something you can just walk into and get it done by lunch. This procedure is a legal procedure that involves everything from validating the will to distributing the assets to all the beneficiaries properly. It can be a complex and time-consuming process initially, but when you have the privilege of having a will-written, you must go through it. Understanding the steps involved can help make this process easy.
- Filing of The Will
The probate process will begin with the filing of the will to the probate court. The person who is typically named in the will will be responsible for filing the will to end a petition to open the estate. There are a few things that the petition must include.
- Copy of the will
- List of assets
- Location and address of the beneficiary
- Appointment of the Executor
- Appointing The Executor
The probate court will then review the petition properly and appoint the executor, who will be responsible for managing the estate and carrying out the wishes of the deceased. The executive has to take an oath to look over it and divide it faithfully. A copy of the wheel should be provided to all the beneficiaries and the heirs mentioned in the will.
- Notifying all the Beneficiaries and Creditors
The executor is responsible for notifying all the estate’s beneficiaries and creditors. This includes the beneficiaries that have been named in the will and heirs who would inherit if there was no will. Creditors who have claims against the state should also be informed, and the executive has to publish a notice of the estate’s administration in the local newspaper in order to notify any unknown creditors.
- Taking Proper Inventory
The executor also has to gather and inventory all the assets, which can be real estate, personal property, financial assets, or business interests. Personal property can be in terms of jewelry or furniture, and financial assets can be bank accounts or investments made. The executor can also get appraisals for any assets that have gained value overtime such as real estate.
- Distribution And Closure
Once all the debts have been paid, the executor can easily distribute the assets to the beneficiaries according to the will, or a small problem can arise when there is no will or trust, but there is a simple solution of distributing the assets according to state law.
What is The Role of Professionals in Probate Procedures?
- Attorneys
A probate attorney can help you provide the proper legal guidance and representation that you need throughout the probate process. They will ensure that the status is properly administered according to the wishes of the person who has passed away and also keep the state law in mind.
- Estate Planners
Estate planners can help all individuals to create a proper estate plan that includes a will, trust, and power of attorney. Call of this effort will be taken to ensure that the deceased’s wishes are well respected and kept.
