People who deal with time shares and probate concerns have the trouble of choosing what will occur to the home. For those who do not know, probate is the legal procedure of transferring the property of an individual upon their death. Time shares and probate costs a lot of time and money.
When the departed left a will that will be executed by the household’s attorney, time shares and probate are normally not a problem. Squabbles of time share pieces of property can take place which is why it is a good idea to and the time shares and probate considerations while doing your estate planning.
What happens to the time shares throughout probate? The probate process can be objected to or uncontested. Since an unhappy beneficiary desires a bigger share of the deceased’s home than that he or she initially received, many problems emerge within the time shares and probate process.
Arguments frequently raised include: the deceased being improperly affected in making the presents, the deceased did not know or was not aware of what they were doing when the will was performed, and the deceased did not follow the legal procedures in preparing the will. Most of time shares and probate estates are uncontested.
The fundamental procedure of transferring an estate includes:
- Collecting all the property of the deceased
- Paying all taxes, claims and debts owed by its estate
- Collecting all rights to dividends, earnings, etc
- Settling any disagreements; and lastly
- Distributing the staying piece of property to the successors.
Normally, the departed names an individual (executor) to manage the management of his/her affairs upon death. If the deceased fails to identify one, a determination by the court will occur such as an individual representative or administrator, to settle the will and estate.
There are three common estate-planning tools that can be used to prevent time shares and probate in the distribution of the individual’s home at death: joint occupancy with rights of survivorship, revocable trusts and beneficiary classifications. Revocable trusts can be used with all types of home.
At this point, time shares and probate can be prepared with these three tools in mind. In the lack of a will, the best device to solve time shares and probate problems is the through a revocable trust. Revocable trusts or in some cases called “living trusts” have the following advantages over wills:
- Privacy. Monetary affairs and to whom the real estate is provided are private. Wills and inventories of probate estates are a public record.
- Cost Savings. The trustee only has to continue the deceased’s financial obligatios to the possessions, thus removing time shares and probate expenses.
- Convenience. A revocable trust makes it easier to pass time shares and probate residential or commercial properties to the trustee.
- Continuity. Revocable trusts act as an extention of the deceased as he provides the obligations to the trustee after death to pay the bills, pay taxes, and to handle the time shares and probate and disperse properties immediately.
A deceased may wish to designate to handle time shares and probate more than one successor trustee or administrator and also the successor trustee and administrator can be a individual or corporate entities like a bank trust department. To handle matters like these estate planning matters or for business matter guidance, this law firm can assist:
To avoid disputes in time shares and probate, usually it is encouraged that the successor trustees and executors be the very same individual. A good estate plan need to be able to distribute the property to whoever the testator wishes and when the testator wishes, with a minimum amount of inheritance, earnings, and estate taxes and most affordable possible attorney’s costs and other costs. Preventing time shares and probate can be a big relief to the deceased and their household.