Everything you need to know about succession
When you see the dead body of your loved one, you are in a terrible state of shock. You certainly have nothing to do with the property, money and inheritance that you have been assigned, deep down you know that you should go ahead and live your life with a smile after a few days. After all, no one can control death and things that are out of your control make you give up in life.
If you have recently lost a loved one and have been assigned an inheritance, you should be aware of the concept of probate. The word probate means proof of a particular will, which is written by someone who wishes to pass their money or property to someone they trust and adore. For example, if your father has a large estate, chances are high that you will be his heir after his death.
Here is everything you need to know about this concept:
It’s related to:
• All property owned by a deceased person
• Payment of debts that the deceased person has left behind
• Obtaining the rights to obtain royalties, stock dividends, etc. what the deceased person left behind
• Settlement of all assets, as well as financial disputes
• Liquid assets and property of the deceased person
• Distribution of estates to eligible heirs who are relatives of the deceased person
When a person dies, the will is read and disclosed to the entire family. Depending on the choices you make while you are alive, the property is distributed. However, if there are things that have not been mentioned in the will, attorneys are hired to distribute the property and money equally to the eligible heirs.
How does succession work?
There is a great process behind this concept:
• Petitions are filed and court dates are taken for individuals
• The probate starts with a petition, which is filed with the court
• The court sets a hearing date within 120 days after the petition is filed
• The process begins right when a personal representative or attorney is hired for the court hearing
• If necessary, additional pleadings and agreements are entered into to resolve the succession-related dispute
• Finally, after all the hearings, short dates, and long process, comes the closing date and distributions. All eligible heirs are called to court and the judge announces his decision, according to which the heirs get what they deserve.