The legalities of inheritance can be daunting, drawn out, and stressful, particularly if you are not sure about the process. All of this occurs at a time when people can be grieving and not yet ready for the probate process. So let’s try to make some sense of it all. Here we address five common probate myths about the probate process and estate planning.
The Probate Process Takes Years
This is a common probate myth; in reality, the executor can then manage the assets (such as contacting life insurance companies, dividing property, and selling shares, for example) after the probate is granted, which usually takes six weeks. However, situations involving a sizable estate, family members disputing the will, or ongoing income to manage could lengthen the timeframe. To give any debtors or claims ample opportunity to come forward, a distribution should also not occur until six months from the date of the probate grant.
The Government Takes Everything if There is No Will
As much as a third of adults will pass away intestate, (without a valid will) and up to two-thirds of all adults do not have a will. It makes sense to write a will for a variety of reasons, but individuals often mistakenly believe that if they don’t, the government will automatically inherit their possessions and money. This would only ever be applicable if the deceased’s family members could not be located.
Probate Costs Lots
When it comes to the costs of probate, legal bills, and court costs, there are plenty of terrifying tales out there. The simplest response is that these situations are highly uncommon and typically involve family contesting the will. Furthermore, probate is only necessary when assets are formally held in the deceased’s name and not in anyone else’s name; in many cases, probate procedures are not required when an estate is divided. Additionally, the executor or executors may lawfully take advantage of probate shortcuts if the value of these assets is less than a specific threshold.
Debts are Erased When You Die
The executor of the will is in charge of “discharging” any obligations and liabilities after the death of a person who has debts. Only in cases where the debtor is left without money after their estate has been administered will debts be cancelled.
You Cannot Contest a Will
A will can be contested and subsequently altered in court for various reasons, including whether the testator was competent to make the will. This issue emphasises even more how crucial it is to draft a will with a professional rather than use a “DIY” will kit.
Contact Probate Forms for probate advice on 0209 9859553.
