probate protection

Probate: What is it and What does it do?

Probate is the process that transfers legal title of property from the estate of the person who has died (the "decedent") to his or her proper beneficiaries. The term "probate" refers to a "proving" of the existence of a valid Will, or determining and "proving" who one's legal heirs are if there is no Will. Since the deceased can't take it with them, probate is the process used to determine who gets his or her property.

 

Even if a person dies with a Will (which is known as dying in "testate"), a court generally has to have an opportunity to allow others to object to the Will, and if there are any objections, to determine if the Will is valid, because it is always possible that one of the following seven items have occurred.

 

Possible Objections to a Will

 

  1. There was a later Will (which, if valid, would replace the older Will);
  2. The Will was made at a time the deceased was not mentally competent to make a Will;
  3. The Will was the result of fraud, mistake or "undue influence";
  4. The Will was not properly "executed";
  5. The so-called Will is actually a forgery;
  6. For some other reason (such as a pre-existing contract) the Will is not fully valid; or
  7. There are other claims against the deceased's estate that impact what the beneficiaries under the Will would receive.

 

Details About Probate

 

There are many reasons why going through probate is very undesirable. However, we have provided below four of the most reasons:

 

  1. Cost
  2. Time
  3. Public
  4. Contestable

 

Should you need to learn more about the Probate Protection options available to you, please contact us.