What is Probate Law? 

Probate law is one of the many branches of American law which deals with estates. Estate is the legal term used to describe any asset owned by, or in the control of, a deceased person or entity. In probate law, an estate is established by a formal legal agreement between a dead person and their estate planner or agent. In this agreement, the deceased individual's final wishes are fulfilled prior to their passing on and accordingly, the assets are transferred to or are distributed by the beneficiaries according to the wishes expressed by the deceased. The proceeds from any distribution are known as the remainder of the estate.

There are two types of probate in American law: voluntary and involuntary. Voluntary probate occurs when the decedent has made all of his or her desires known and the estate has been under the control of others, check formal vs informal probate. When a decedent has made express wishes about the distribution of his or her estate, these can be fulfilled prior to death and the property is distributed as directed. If the decedent has not made any wishes, then the court may appoint a person or individuals to administer the decedent's estate. In either event, the court may order the property to be sold, rent back to the beneficiaries or otherwise deal with the property in a lawful manner. In the latter case, the court orders the probate court to distribute the remaining assets to the heirs.

An involuntary probate process occurs when the person or individuals executing the will do so irresponsibly or improperly. For example, if the will was written by a friend or relative and contains information that the individual would have considered important for him or her to disclose, then this will most likely be incompetently executed. Likewise, if the will was incompetently executed or if the beneficiary was not properly notified about the will, the probate court may order assets to be returned and the proceeds divided as part of the will. If the executors or administrators fail to comply with these procedures, the court can hold them personally responsible for the remainder of the decedent's estate. There are several common mistakes that can occur during probate, including failing to provide an executor with a copy of the signed document, being unaware that the beneficiaries requested specific returns or payments, failing to deliver a return or payment on a particular asset, failing to file an answer to a question that requires information that the executor knows is not required, etc.

The best thing that an individual can do to ensure that their loved one's estate will be well managed is to hire a qualified probate lawyer to assist them throughout the process. A probate lawyer is an experienced attorney that is usually retained after the will has been executed, learn types of probate Colorado. He or she will have extensive knowledge of probate law and will represent the client in both the initial meeting with the county officials and at any subsequent meetings that will occur. He or she will also be responsible for communicating with the probate court and assisting the client with any matters that come up. This person is also expected to submit financial statements and periodic financial reports to the court on behalf of the client, as well as being involved in any discussions with the administrators.

It is important to remember that probate involves a high level of court involvement. Once the high court declares that an estate is under the control of another, it is then up to this appointed official to determine the validity of the Will. If it is determined that the Will is invalid because it does not meet the state's requirements for a legal process to be carried out, the probate court will then determine who will pay the debts that are owed to all of the beneficiaries of the Will. In some cases, the probate court may even determine that the person making the Will was mentally incapacitated at the time of executing it. The court will then issue the final Will and make any final arrangements necessary to transfer the property and/or assets of the decedent to the survivors or beneficiaries.

Probate law is extremely complex and many people do not understand it all. This is why it is critical that anyone who plans to execute a Will hire a probate attorney, who can explain the legal process to them and answer any questions they may have. This is also the best way to ensure that you will have the highest chance of avoiding probate and having your estate distributed properly. Although probate laws vary from state to state, there are a few guidelines that you can generally expect to follow in most circumstances. Read more at https://www.encyclopedia.com/social-sciences-and-law/law/law/probate