Information 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. 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 in Real Estate? A probate is a legal process which happens when 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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oTo identify and inventory the deceased person’s property. oHaving the deceased person’s property appraised. oWhen there is a need to pay debts and taxes. oDistribute the remaining properties as what the will dictates. It is usual that the probate process will require plenty of paperwork and even court appearances. A probate court will oversee the whole process. 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. Following this law, the court will determine the rightful distribution of assets according to the hereditary succession. What is Probate and Wills Process? 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. 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. The whole probate process will usually take at least one year, in which the executor must find, secure, and manage the assets that you have left behind. Following the contents of your will or the amount of your debt, it is your executor’s responsibility to decide if your property must 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 that you have left behind will go to the right person.