What does a will in probate mean?
Not only is probate a certainty, not only does it create extra administrative and legal costs, but it also allows for chicanery that can take years to rectify.
A will is a contract between two parties. The will-maker (the "testator") states that after his death certain people (the "beneficiaries") should receive certain assets ("bequests"). If the will-maker dies without revoking his will, then the bequests are binding.
When the will-maker dies, and if the will is admitted to probate (either by the testator dying intestate, or by being disputed), then the executor must gather together all of the testator's assets. Some of those assets are likely to be investments, and they have to be sold at market value. So do any works of art that aren't part of an estate.
The sale of one asset may trigger income tax liabilities. The sale of any asset may trigger capital gains taxes.
The executor must get in touch with all of the beneficiaries, who may live anywhere in the world and may not wish their identities revealed. Each beneficiary has to supply a contact address from which he or she can receive mail.
If any beneficiary objects to receiving his share
You know that your will has to be probated when you die, but you may not know exactly what that means. Probate is the court-supervised process by which your property is distributed according to your will or the laws of intestacy. The process begins immediately after death and can end years later.
Trying to keep track of what's happening in probate can be confusing; the rules about who gets notified of what and when are arcane, and it's hard to tell who is doing what and whether it's going well. If you have a lawyer managing your estate, part of his or her job is making sure that all of this happens correctly. But if you don't have a lawyer, or if you're acting as your own lawyer—which you shouldn't do—then you need to stay on top of things yourself.
If you need a probate lawyer, please call this law firm for a free consultation
Parklin Law
5772 West 8030 South, Unit N206,
West Jordan, UT 84081
(801) 618-0699