Most of the time, real estate law covers a vast and complex concepts that it is advisable to hire a lawyer to help you out. It is normal that law from one state or country to another may have different concepts of this law. One of the most common inquiries when it comes to real estate law are the processes involved in probate and wills.
Defining a Probate
A probate is a legal process which happens when someone dies. Typically, the this includes:
oProving in the court of law that the deceased person’s will is valid
oTo identify and inventory the deceased person’s property.
oWhen the deceased person’s property needs to be appraised.
oPayment of debts and taxes.
oDistributing the remainder of properties according to the will.
It is common that the process of probate requires court appearances and a long list of paperwork. A probate court will oversee the whole process. Once a deceased person dies and has left a will, it is the job of the probate court to prove the legitimacy of the will and when it will take legal effect. Furthermore, if the deceased has left no will, the court will assign a personal representative to distribute the deceased property’s that is according to the Descent and Distribution law. This law will determine the distribution of assets according to the hereditary succession.
How Does Probate and Wills Work?
After you die, your will’s executor – or if you do not have a will, the court will assign a person on your behalf – must file papers at the local probate court. The executor must prove the validity of your will and present the court with the list of your property and debts, as well as, who will inherit anything that you have left. It is also during the probate process when relatives and creditors are legally notified of your death. Learn about Real Estate Law Edmonton here!
The whole probate process will usually take at least one year, in which the executor must find, secure, and manage the assets that you have left behind. Depending on what is stated on your will or the amount of your debt, it is the job of your executor to determine if your property will be sold or not.
As a general rule, a will does not have any effect until it is submitted and approved by the court. If you think your assets or properties are executor must find, secure, and manage the assets that you have left behind. This will help ensure that everything and anything that you have left behind will go to the right person. Know about Probate and Wills Edmonton here!