What Is A Probate and What Is It For?
You will first come across the word probate where you have lost a loved one or a close friend who named you as their estate executor. Therefore, there is need to determine what is a probate. Generally, a probate is the court order granted to the will executor who was assigned by the deceased to be able to follow the guidelines or the wishes availed by the deceased or the testator in their will. In other words, a probate helps confirm the personality and the being of the executor was assigned by the deceased to manage and take care of their assets. The person who receives the probate is responsible or in charge of the estate and will ensure to distribute all the assets to all the will beneficiaries.
There is a common tendency for many people to neglect or even ignore the necessity of a probate. However, it’s evident that the court must prove that the testator is dead before the will can be effective or rather can be legally valid. Therefore, if a testator left behind a will, the probate is inevitable.
Probate can also be referred to as the legal process that the beneficiaries undergo before the terms and conditions of the will can be in effect. Many people would think that the process for having the assets distributed to the beneficiaries is simple and fast but there is a procedure to be followed. For instance, if the deceased had left money tom some beneficiaries and the money was in the bank, the probate is fundamental to enabling the bank release the money.
There are scenarios where the probate becomes gratuitous. One, it’s where a person dies without writing or leaving behind a will by all means. If such is the case, another process is necessitated. The second instance or scenario where a probate is superfluous is where the deceased had a small estate lacking any real estate for division.
Legally, only the executor who is assigned by the deceased or if there were multiple executors assigned who are supposed to apply for a probate. However, where the executor hires a probate attorney, their attorney could help apply for the probate as their representation or rather on their behalf. Once the probate has been applied for and granted by the court of law, then the will of the testator and all their wishes are legally endorsed or validated by the court or legally.
For an executor to have full mandate or authority over the wishes of the testator, they should consider applying for a probate. The longer you stay before applying for the court order, the longer you will stay before having the deceased wishes honored. It is after the probate has been issued that the executor embraces the position of the testator and can keenly follow the wishes and guidelines on the will.