What is Probate?
When is probate necessary?
There are a number of circumstances when Probate will be required:
– Bank’s or building societies can request that probate is obtained before they will allow access to accounts. Each bank or building society will determine at what value they want to set the limit. Typically this limit may range from £5,000 to £30,000.
– If the deceased held stocks and shares, regardless of the value, Probate will be required before they can be transferred or liquidated.
– If the deceased owned any property, either in their sole name or as a tenant in common, Probate …
The administering of the decedent’s estate, as per the will, or as per the state laws, utilizes the probate process. This legal process involves settling the outstanding debts of the deceased, and dividing the remaining assets among the legal heirs. It is during this process that disputes, claims and lawsuits may arise.
An experienced attorney can effectively aid you in avoiding problems that may arise after someone has passed on, or in instances where an individual can become incapacitated.