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What 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. Additionally, it is also normal that one country has different real estate law from another. One of the most common inquires in real estate law are the process of probate and wills.

What is a Probate?

A probate is a legal process which takes place after someone 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 property of the deceased person appraised.

oPaying taxes and debts for the property.

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. The whole 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. 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 the Process of Probate and Wills?

After you die, the person whom you appointed as an executor of your will – of when you have no will the court will name an executor for you- 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.

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 think your assets or properties are executor must find, secure, and manage the assets that you have left behind. This will help ensure that everything and anything that you have left behind will go to the right person.