Individuals who face time shares and probate concerns have the difficulty of choosing what will happen to the property. For those who do not know, probate is the legal process of transferring the real estate of a person upon their death. Time shares and probate costs a lot of money and time.
When the departed left a will that will be executed by the family’s attorney, time shares and probate are usually not a problem. Squabbles of time share homes can take place which is why it is suggested to include the time shares and probate considerations while doing your estate preparation.
What happens to the time shares during probate? The probate procedure can be objected to or uncontested. Since a dissatisfied successor wants a bigger share of the deceased’s piece of property than that he or she at first got, most issues arise within the time shares and probate process.
Arguments frequently raised consist of: the deceased being improperly affected in making the gifts, the departed did not understand or was not aware of what they were doing when the will was carried out, and the deceased did not follow the legal formalities in drafting the will. Most of time shares and probate estates are uncontested.
The standard process of moving an estate includes:
- Collecting all the property of the deceased
- Paying all claims, taxes and financial obligations owed by its estate
- Collecting all rights to dividends, income, and so on
- Settling any disagreements; and lastly
- Distributing the staying home to the heirs.
Usually, the departed names a person (executor) to manage the management of his/her affairs upon death. If the deceased fails to identify one, an appointment by the court will occur such as a personal agent or administrator, to settle the will and estate.
There are three common estate-planning tools that can be utilized to prevent time shares and probate in the circulation of the person’s property at death: joint tenancy with rights of survivorship, revocable trusts and beneficiary designations. Joint tenancy uses to all real estate types other than retirement plans. Revocable trusts can be used with all types of residential or commercial property. Beneficiary classifications are for life insurance coverage, specific retirement accounts and retirement strategies.
At this point, 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 issues 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 provided are personal. Wills and inventories of probate estates are a public record.
- Cost Savings. The trustee only has to continue the deceased’s monetary obligatios to the assets, thus getting rid of time shares and probate costs.
- Convenience. A revocable trust makes it easier to pass time shares and probate homes to the trustee.
- Continuity. Revocable trusts function as an extention of the deceased as he offers the obligations to the trustee after death to foot the bill, pay taxes, and to handle the time shares and probate and disperse assets right away.
A deceased might want to select to handle time shares and probate more than one successor trustee or administrator and likewise the successor trustee and administrator can be a private or corporate entities like a bank trust department. To handle matters similar to these estate planning matters or for Business matter guidance, this law firm can assist:
To avoid conflicts in time shares and probate, usually it is recommended that the successor trustees and administrators be the same individual. An excellent estate plan must be able to disperse the piece of property to whoever the testator wishes and when the testator wishes, with a minimum amount of inheritance, estate, and income taxes and most affordable possible attorney’s costs and other costs. Preventing time shares and probate can be a big relief to the departed and their household.
