Most people don’t like to think about dying, but unfortunately dying is apart of life. What’s important is that you make sure all of your affairs are in order before anything happens. Far too many people wait until it’s too late to deal with their estate. What will your family do with the property you leave behind? Who receives what? What about your debt? These are the answers your family will be left to answer on their own. Consider consultation with Probate Law – Cesario & Walker to help you settle your affairs before it’s too late.
Are you familiar with probate? Probate is essentially a process used to handle your property after you pass. Any property you own, or assets that were in your possession, will be divided up amongst your heirs and credit owners. Having a will can make it a lot easier to divide your property according to your wishes. The probate process isn’t always necessary. It’s important for the executor to review the jurisdiction, the estate, and the will to figure out if a probate is needed.
During the probate process you’ll be dealing with the court. The court needs all relevant information pertaining to the deceased’s circumstances. Courts need documents showing various assets, properties, and debt owned by the deceased. Even though the debtor is no longer living, creditors have a right to any assets that can be used to cover the debt. Fortunately, this debt is not automatically paid to the creditor. The executor of the estate must notify all creditors of the owner’s death. Creditors then have a limited amount of time to come forward and bill the estate. Creditors are not allowed to directly bill the heirs of the estate.
If creditors come forward to collect any debt, and the debt is legitimate, the estate is required to pay them. After all creditors are paid, the remaining estate is given to the heirs of the deceased. At this time, if the deceased had a will, those named in the will will receive their share of the property. As you can see, this entire process can be long and overwhelming. If you need more understanding of Probate Law – Cesario & Walker may be able to help. Read more on cesariowalker.com.