When a person passes on, there is a certain process that is followed in the administration of his/her property estate. This process is what has come to be commonly known as probate. Here you will get to understand all that entails to the probate administration Troy MI. You will also get an in depth understanding of how assets are identified, managed and distributed and the various roles played by different stakeholders.
First and foremost, the process receives supervision from the court meaning a judge gets involved. The role of the judge here is just to oversee the proceedings therefore do not have the mandate to conduct them. In other case scenarios there is involvement of advocates who are charged with the responsibility of overseeing that all the documents or claims filed are one, genuine and two, relevant to the case at hand.
The personal representative is another person who is involved in such cases and they serve a lot of different roles. However, since they are usually beneficiaries themselves, it might be important to hire a lawyer to help in the process. One of these roles that is played by these personal representatives is the management role. They make sure the proper management of all the assets by ensuring their proper maintenance as well as protection until such a time comes for either distribution or sale.
Another reason why hiring a lawyer in these kinds of situations is good, is because they will be in a better position to handle any kind of conflict that may arise. These kinds of cases require that all the details regarding the estate are clearly outlined by the representative. Disagreements may arise because the beneficiaries differ on a couple of issues thus the importance of having a lawyer around who can help iron out some of these issues.
There are various persons or financial institutions that allow people access to different goods and services on credit. Such persons or institutions are known as creditors and in probate law they are allowed to file a claim to the estate in question. It is the duty of the personal representative to send out invoices notifying the various creditors about the death of a certain individual. They may choose to send these invoices or run an ad notifying the different stakeholders about the demise of a person. Surviving spouses also enjoy special rights.
The lawyer can only move in to distribute the assets if and only if all the costs incurred have been fully met and all the creditors have been compensated to their satisfaction. When the assets involved are in cash, then the work becomes easier since it will require either the representative or lawyer to issue out checks.
The distribution of assets of an estate is truly a cumbersome process and requires the investment of a lot of time and money. Sometimes, the estate has to play a part in covering some of these expenses.
The laws that govern the probate process are different from state to state but the procedure followed is the same every state.
First and foremost, the process receives supervision from the court meaning a judge gets involved. The role of the judge here is just to oversee the proceedings therefore do not have the mandate to conduct them. In other case scenarios there is involvement of advocates who are charged with the responsibility of overseeing that all the documents or claims filed are one, genuine and two, relevant to the case at hand.
The personal representative is another person who is involved in such cases and they serve a lot of different roles. However, since they are usually beneficiaries themselves, it might be important to hire a lawyer to help in the process. One of these roles that is played by these personal representatives is the management role. They make sure the proper management of all the assets by ensuring their proper maintenance as well as protection until such a time comes for either distribution or sale.
Another reason why hiring a lawyer in these kinds of situations is good, is because they will be in a better position to handle any kind of conflict that may arise. These kinds of cases require that all the details regarding the estate are clearly outlined by the representative. Disagreements may arise because the beneficiaries differ on a couple of issues thus the importance of having a lawyer around who can help iron out some of these issues.
There are various persons or financial institutions that allow people access to different goods and services on credit. Such persons or institutions are known as creditors and in probate law they are allowed to file a claim to the estate in question. It is the duty of the personal representative to send out invoices notifying the various creditors about the death of a certain individual. They may choose to send these invoices or run an ad notifying the different stakeholders about the demise of a person. Surviving spouses also enjoy special rights.
The lawyer can only move in to distribute the assets if and only if all the costs incurred have been fully met and all the creditors have been compensated to their satisfaction. When the assets involved are in cash, then the work becomes easier since it will require either the representative or lawyer to issue out checks.
The distribution of assets of an estate is truly a cumbersome process and requires the investment of a lot of time and money. Sometimes, the estate has to play a part in covering some of these expenses.
The laws that govern the probate process are different from state to state but the procedure followed is the same every state.
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