Probate is the legal process of handling a person's estate after they pass. It is a regular part of all estates, but the speed may vary significantly based on the estate's setup and jurisdiction. People often wonder if there are ways to speed up the process. A probate law firm will usually answer such questions by examining these four features of the estate.
Simplified Probate Rules
Some states have rules that provide a simplified probate process in specific circumstances. Usually, there is an upper asset value limit. If there are disputes over valuations, such as the value of the decedent's house, then you can get into a longer process to appraise the estate's worth. The simplified probate process is best in situations where the deceased had few or no assets.
The deceased's last place of legal residence will determine the applicable laws. Anyone who has questions about the applicability of a simplified process should consult a probate lawyer licensed to practice in the state that has jurisdiction.
Creditors' Rights
A notable point of the probate system is protecting creditors' rights. The estate has to make a good-faith effort to identify all creditors and settle all outstanding debts. If the estate can't settle the decedent's debts, the creditors may have the right to force the estate into bankruptcy. Unsurprisingly, adding another legal process to the mix will lengthen probate.
Non-Probate Assets
Many types of assets aren't subject to probate. If it includes a right of survivorship, a joint tenancy would automatically transfer a jointly-owned asset to the survivors. This is sometimes a good way to transfer a family business to a spouse. You could also use it to transfer assets to a non-family member to avoid a fight over inheritance rights.
A payable-on-death (POD) benefit is another option. The grantor names someone as the beneficiary of an account. For example, you might name your spouse as the beneficiary with a POD for your savings, checking, and retirement accounts. Some insurance policies also include POD options. Spousal allowances permit this sort of transfer of more complex assets like securities and real estate too.
Mutual Consent
Finally, the various beneficiaries may put their mutual consent to a faster process into writing. Working with a probate lawyer, they can petition the judge for a speedier process. The court will review the situation to ensure the process wouldn't harm creditors' or beneficiaries' interests. If the judge approves, then they can order the estate to begin asset distributions.
Contact a local probate law firm to learn more.
