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Everything 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. It is normal that law from one state or country to another may have different concepts of this law. One of the most common questions when it comes to real estate law is the process of probate and wills. Defining 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, as well as, creating an inventory of the deceased person’s property. oWhen the deceased person’s property needs to be appraised. oPayment of debts and taxes. 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 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. 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. This law will determine the distribution of assets according to the 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. 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. 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. As a general rule, 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 ensure that anything and everything you have left behind will be properly protected and goes to the rightful heir.