Protecting Your Assets During Probate

By on January 14, 2015

Probate is a particularly difficult time for all the involved family members. It is distressing, it is emotionally draining and it clouds the best of our judgment when we go onto talk about financial aspects of the deceased’s estate. The matter is one to be settled by the state and the law itself which is why probate cases are time consuming. The time factor has its connection to the assets which we will elaborate upon in this post a bit further.

Complexity

Financially and decisively, the probate cases are more complex than your average estate divisions. In this case, the law or the lawyer takes most of the decisions based upon elucidations, speculations and interpretations of the designated will or the wishes of the deceased. The deceased wishes being fulfilled is a matter the law takes seriously which is why the asset division is an issue that the law takes seriously.

The complexity arises because the will of the deceased is open to interpretation by the lawyer in question. Now this interpretation can play out in a variety of manners which means your division of assets can be tricky. This is why the hard paper writing of the will is so important. Now the writing makes things readable but the execution and the carrying out is another procedure altogether.

Protecting Your Assets During Probate

Ownership

The tricky part in all of this is on when the assets in question may have a dual ownership. Without delving into the broader concept of what the ownership is: it’s division can occur because of assets shared between a married couple by which virtue their owner ship can be tricky to decide. What can be even trickier is when that ownership causes friction between two sides of the family.

This isn’t a normal scenario per se but consider one in which the law designates inheritance in one manner and the will designates it in another. The law and will debate has been classically contested in many law cases around the world and it is one which always ends up dragging a lot of time with it. During the time these cases drag out the value of the assets is one aspect which you should be knowing about.

Valuing the assets is not simple by any means but it is something which should premeditated when a probate case is being considered. Devaluation and depreciation are common concepts enough and keeping track of these changes can be tricky when the case gets dragged out which is why the protecting of such perishable assets comes into play.

The process of the probate is dragging on the emotional health of all involved within the deceased’s demise. Which is why the process’s ramifications are often overlooked but it’s legal bounds have to be adhered which is why assets involved need to be looked after properly.

About Selena M