The word, deceased person, is used in legal documents when referring to someone who has died. This term is usually used in final wills and wills and trusts. Wills and trusts are legal instruments used to pass inheritance to heirs and heirs.
The deceased can give away financial assets, real estate, privately owned businesses, and personal belongings to whomever they wish. Most often, assets are passed on to a surviving spouse, children, and direct lineage relatives such as mother, father, sister or brother.
The final will must undergo probate to ensure the inheritance is properly settled. A personal representative is appointed in the Will to manage the estate. Real estate administrators can have a variety of duties including contacting creditors, paying debts, maintaining real estate, filing paperwork through courts and government agencies, submitting final tax returns, and distributing assets to named beneficiaries.
When a deceased person dies without leaving a will, it is referred to as a dying will. All assets are suspended through a probate process to determine the legal heirs. The average duration of a will is between six and nine months. A probate can extend estate settlements by six to nine months. Much depends on the value of the estate, outstanding debts, and family dynamics.
Carrying out wills and last wills does not circumvent the will, but can speed up the process as long as the heirs do not oppose the will. If the deceased person chooses to revoke the inheritance rights of a direct lineage heir, they must include a ‘Statement of Inheritance’ in the will. Doing so provides evidence to the court that the deceased knew the heir was alive, but voluntarily chose to write it against their will.
Probate laws require estate administrators to be involved in steps to find heirs who are known to be missing. The heirs may have been cut off from the family due to disputes or personal reasons. Even if the missing heirs are not related to the deceased for many years, they can claim certain assets properly, unless a non-inheritance statement is included in the will.
If the heirs are not included in the last will, they can choose to challenge the will, claiming that the deceased did not know they were still alive, or claim that the deceased was under the influence of someone else or was insane when they executed their will. .
A contested will could delay probate for months and potentially bankrupt the estate. When heirs fight over the final will, they are initially responsible for paying legal fees. Estate administrators need to use the services of a lawyer to represent the deceased in court. If the judge decides in favor of the plaintiff, the estate is liable to reimburse legal fees.
Building trust is the only option available to avoid probate. There are a variety of trusts, so it is best to work with a professional real estate planner to determine which type is best suited for protecting inherited assets.
Everything owned by the deceased person is transferred to the trust and is no longer considered part of the estate. The final will must be executed in conjunction with any trust. All trusts are managed by the Trustee appointed in the will.
With proper inheritance planning, the heirs can be prevented from fighting over the Will and the deceased can rest in peace knowing the assets of the inheritance will be distributed according to their final wishes. Estate planning is available through probate attorneys and professional estate planners.