Individuals who deal with time shares and probate concerns have the problem of choosing what will occur to the piece of property. For those who do not know, probate is the legal process of moving the real estate of a person upon their death. Time shares and probate costs a lot of time and money.
When the departed left a will that will be executed by the family’s attorney, probate and time shares are typically not a problem. Squabbles of time share properties can take place which is why it is advisable to include the time shares and probate considerations while doing your Estate Planning.
What occurs to the time shares during probate? The probate process can be contested or uncontested. Many problems develop within the time shares and probate process because a disgruntled heir wants a larger share of the deceased’s home than that he or she at first got.
Arguments most often raised include: the deceased being improperly influenced in making the gifts, the departed did not know or was not familiar with what they were doing when the will was executed, and the deceased did not follow the legal procedures in preparing the will. Most of time shares and probate estates are uncontested.
The basic procedure of transferring an estate consists of:
- Collecting all the property of the deceased
- Paying all claims, financial obligations and taxes owed by its estate
- Collecting all rights to dividends, earnings, etc
- Settling any disagreements; and last but not least
- Distributing the staying piece of property to the successors.
Normally, the deceased names a person (administrator) to handle the management of his/her affairs upon death. If the deceased doesn’t name one, a determination by the court will happen such as an individual agent or administrator, to settle the will and estate.
There are 3 typical estate-planning tools that can be used to prevent time shares and probate in the distribution of the individual’s real estate at death: joint tenancy with rights of survivorship, revocable trusts and beneficiary designations. Revocable trusts can be used with all types of piece of property.
At this moment, time shares and probate can be planned with these 3 tools in mind. In the lack of a will, the very best device to resolve time shares and probate concerns is the through a revocable trust. Revocable trusts or sometimes called “living trusts” have the following advantages over wills:
- Privacy. Financial affairs and to whom the home is offered are private. Wills and stocks of probate estates are a public record.
- Cost Savings. The trustee only has to continue the deceased’s monetary obligatios to the properties, therefore removing time shares and probate costs.
- Convenience. A revocable trust makes it much easier to pass time shares and probate properties to the trustee.
- Continuity. Revocable trusts work as an extention of the deceased as he gives the duties to the trustee after death to pay the bills, pay taxes, and to handle the time shares and probate and distribute possessions immediately.
A deceased may wish to designate to manage time shares and probate more than one successor trustee or administrator and likewise the successor trustee and executor can be a business or private entities like a bank trust department. To plan for issues like these estate planning issues or for business guidance, this law firm can help:
To prevent conflicts in time shares and probate, normally it is advised that the successor trustees and executors be the same individual. An excellent estate strategy ought to be able to distribute the real estate to whoever the testator dreams and when the testator wants, with a minimum quantity of earnings, inheritance, and estate taxes and lowest possible attorney’s fees and other expenses. Avoiding time shares and probate can be a huge relief to the deceased and their household.