After someone passes away, their assets often go to a close loved one. However, the transfer process isn’t always as simple as it sounds, and it’s heavily dictated by probate law. The estate planning process can be confusing for someone unfamiliar with the rules and regulations. Use the following guide to help you navigate the process and answer some of the uncertainties you might have.

A Brief Introduction to Probate

What is probate?

After a person passes away, their estate goes into probate. This process puts a hold on the assets to allow both creditors and beneficiaries an opportunity to claim their portions.

The court reviews documentation and creditor demands to ensure that all debts, including taxes, are paid. Individuals also have the opportunity to contest the will at this time.

What's involved in the process?

The probate process is typically initiated by the estate's executor, who is chosen by the deceased or appointed by the court. First, a public announcement occurs, and all assets are inventoried and debts are identified.

The details are outlined and provided to the court. Once all debts and assets are verified, the disputes are settled and the estate is distributed amongst the established parties. 

How long does it take?

Typically, it takes between six months to two years to complete depending on the communication between parties and the complexity of the assets. Many individuals seek alternative methods to ensure their loved ones have direct access to their inheritance. These can include establishing joint ownership over properties or transferring assets as a gift before death.

Is it possible to avoid it?

In some states, there are ways to bypass the probate process. For instance, Arkansas allows estates totaling $100,000 or less to undergo a 45-day waiting period instead.

Larger estates, on the other hand, need to utilize the protections of a trust. A will lawyer can create a living trust and transfer some or all of a person's assets into it. The trust serves as a separate entity, which prevents the assets from going through the probate process upon death. 

If you have questions regarding probate law, reach out to the legal team at Larry Cook, Attorney at Law in Lonoke County, AR. Since 1987, residents across central Arkansas have relied on the lawyer for guidance with wills, trusts, and probate. Review the firm's full list of practice areas online or request personalized assistance by calling (501) 843-6591.