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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. In addition, it is also quiet normal that one country has different real estate law from another. One of the most common questions when it comes to real estate law is the process of probate and wills. What is a Probate in Real Estate? A probate is a legal process which takes place after someone dies. Typically, the whole process involves:
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o To prove in court 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. oPayment of 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. The process will be overseen by a probate court. When a person who died has left a will, it is the task 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. Following this law, the court will determine the rightful distribution of assets according to the hereditary succession. How Does Probate and Wills Work? 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. It is also during this 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. Depending on what is stated on your will or the amount of your debt, it is the job of your executor to determine if your property will be sold or not. Generally, a will does not have any effect until it is rightfully submitted and approved by the court. If your assets are large, complicate, and you feel that it may cause problems to your loved ones once you passed away, it is best to hire a lawyer to help you out. This will help ensure that everything and anything you have left behind will go the right heir.