Probate is something many people don’t understand. It is preventable by doing extra steps in transferring some assets in a trust or by giving away some of your assets as a gift. If you are the surviving family member of someone who left behind a will, here are the questions that are probably running through your head:
1.How long do you have to wait before you can file probate following the death of a loved one?
Once the will is read, the executor can be it probated. The executor is the one in charge of ensuring the contents of the will are carried out. It has to be done within 8-12 months after filing the will in court.
2.What goes on during the probate process?
First, the executor or the surviving family members will file a probate petition. Retaining the services of a probate lawyer in North Vancouver can ensure that the process will push through without a hitch. A probate lawyer in North Vancouver can help you in filing for a probate petition. Provide notice to the family members and all relatives included to let them know that the estate is undergoing probate. Also, send notice to creditors.
The next step is to do an asset inventory. All assets and properties are collected and then go through an appraisal process. This will include the deceased’s bank records, stocks, real estate properties, retirement funds, and personal effects.
If there are debts, the proceeds of the estate will be used to pay for them first. The rest will be distributed amongst the heirs. Once that is done, the estate will be closed. If you are not sure how to start the probate process, best get the help of a probate lawyer in North Vancouver.
3.How long before we can receive the inheritance?
Once the estate goes through probate and the proceeds are collected, that will then be distributed to the beneficiaries as stated in the will. How long this will take depends on how comprehensive and simple the will is. If there are no issues with the will, it shouldn’t take a long time. However, if there are issues, the process can take months or even years before it will be finalized.
Working with a probate lawyer in North Vancouver such as Lynn Valley Law helps ensure that family members will be able to go through the probate process with minimum stress.
For further details about probate lawyer North Vancouver please visit the website.