How to Use Probate and Living Trust to Your Advantage. Sooner or later, it happens. A loved one or someone you know either dies or is forced out of their home. Losing real estate under these circumstances can be heartbreak and heart wrenching at the same time. That’s why it’s important to pay attention to the seven steps of using probate to your benefit.
First of all, what is a probate?
When a person dies, they usually leave a will for the inheritors to look over. However, there are times when the deceased doesn’t leave a will, causing a complicated process between the beneficiaries of the estate. When that happens, probate is needed to weed out the legal confusion that’s sure to happen.
The function of a probate is to ensure property is transferred by legal title by the deceased to the inheritors of the estate. A probate also determines whether or not a will is valid or not, and who are the beneficiaries of the estate. The courts become involved as they choose who gets what from the estate of the deceased legally.
Probates can be avoided if the inheritors own a living trust. Living trusts are used in the event a family member dies with no one to claim property, which is also called the estate. With a living trust, the surviving members of the family called the inheritors, have the option to sell off the estate. It’s a good idea to have a living trust to avoid probate because probates are very expensive and time-consuming, sometimes taking up six months to a year. A living trust assures your matters in taking care of the estate are done in a proper and expedient manner.
Remember, probate is needed when a loved one or family member is deceased and property rights become an issue. For more information contact us to get you started toward making the right decision about your probate and living trust.
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