Most people have a general sense of probate law. They know that it involves executing a will and handling the details of a person’s death. However, most people don’t have much knowledge of the specifics of the process. Luckily, this overview can give you a better understanding.

What Is Probate Law?

When a person dies, the deceased person goes through the probate process. This involves liquidating assets to pay the individual’s remaining debts and taxes. At the very least, there are estate taxes that must be paid out of the assets mentioned in the will. As such, developing your will with the assistance of a lawyer can help you protect your assets to ensure are passed onto your heirs.

This process can take anywhere between six months up to two years. During this time, creditors can file a claim against the estate to recover debts left behind by the decedent. Once the probate process is finished, creditors can no longer file claims against the estate. At that time, the executor will be able to start distributing the remaining assets according to the terms of the will. 

Can This Process Be Avoided? 

Any assets mentioned in the will must go through the probate process, but you can avoid listing some or all of your assets in the will. Your lawyer can also help you create a living trust, which is a private document that does not go through probate. Assets listed in the living trust will go directly to your beneficiaries and will not be liquidated to pay off creditors or estate taxes.

Avoiding the terms of probate law allows an individual to ensure certain assets remain intact and are distributed to the beneficiaries they choose. For instance, they may want to ensure their home goes to a spouse or an adult child. Including the property in the living trust allows them to do that without the fear that the real estate will be sold to pay off other debts.

To learn more about how probate law affects your final wishes, consult Larry Cook, Attorney at Law. The firm’s legal team has over 32 years of experience, and their focus on family law, business, real estate, and estate planning means they can address all of your probate concerns. To learn more about the firm’s areas of practice, visit their website. To make an appointment, call (501) 843-6591.