Probate and distribution of the estate have a very specific definition under the law. It can be described as the disposition of property that has been ‘put out’ for probate, following a death or other event that officially makes it unsuitable for distribution to the heirs. Although there are many possible reasons for the failure of the estate to reach its intended beneficiaries, the most common is a lack of adequate estate planning. The lack of a comprehensive plan can be the cause of many probate and distribution challenges.
The major purpose of probate is to ensure that the deceased’s wishes are executed properly, according to state probate legislation. Probate prevents heirs from being abandoned or removed from the property in question. Probate also provides the opportunity for the remaining family members to take charge of the estate and carry out their personal wishes, should the deceased have made no will. In many cases, the failure of estate planning can result in probate delays that extend the time between the death and the distribution of the assets. The delay can affect beneficiaries and provide the heirs with inadequate time to pay certain bills and estate taxes. The high court typically determines who receives an inheritance following a probate hearing.
Estate taxes are the biggest issues that face probate estates. Many states, including California, impose strict estate tax laws. Estate taxes are calculated based on the current value of the estate, with a top priority being property taxes. Even in small intestate estates where the heirs are relatively close, heirs often do not see the savings unless they take some action. In California, for example, the highest percentage of inheritance taxes is reserved for the six largest beneficiaries.
Another issue estate planning concerns is access to capital. Under Islamic law, there is a limited amount of wealth that can be passed down through heirs. This limits what can be transferred, which can include important family possessions and assets. As a general rule, non- Muslims may be denied access to capital, while those belonging to a particular religion may be prohibited from borrowing or leasing property. Again, this is based on the law of property rights of the particular country one is in.
Probate and distribution can also be complex and difficult to resolve. Because most assets are not included in the probate process, it is impossible to know exactly how much money is available to be distributed. For families that have a fixed amount of money in the bank, probate proceedings can be a lengthy process. It is important to obtain an attorney who is well experienced with these types of legal proceedings. This way, he or she will be able to provide the right advice to avoid costly mistakes and maximize the value of any assets, said georgiaprobateattorneys.net.
There are many factors that can delay the probate proceedings and distribution of estate. Any death of an immediate family member, regardless of religion, is reason enough for a probate court to be involved. Lacking of financial means is another cause of delay. The inability of heirs to manage their own affairs is another common factor that hinders the process. Other causes of delay include issues regarding heirs being unable to settle debts or other responsibilities that have been left behind for the deceased.