When we are alive and working throughout our lives, we work to gather all the assets we can so that one day all these belongings will be inherited by our children. We start with opening a bank account, moving forth to buy a car, and soon we start building an IRA or a detailed investment portfolio and further buy home or investment properties. Irrespective of how much wealth we acquire, we will die eventually, leaving all the estates behind for our loved ones and other beneficiaries.
It is important that you make plans in your lifetime for the way your assets will pass on to your heirs. This can be done with the help of a wills and estate lawyer in Kelowna, creating a trust, and other beneficiary designations such as will and power of attorney in Kelowna. In case you die before creating anything for your estate, the court and the state has the right to take action on your behalf.
During an estate planning, you will encounter a word called probate. Probate is not just a word but a serious process that everyone should be aware of. We will help you understand the same in the following section.
Probate process
The process of probate is necessary when someone dies with assets titled in his name alone without having any beneficiary to handle their estate. The process will not be required when all the beneficiaries are named properly and the assets are properly divided between heirs, and there is no room for any further dispute.
Once the person is deceased, those left behind could have different memories of what the person wanted. If you draw a proper Will, it will be considered as a final statement of wishes and what the court used during the probate.
How does probate work?
The primary goal of probate is to pass clear titles of assets to the rightful beneficiaries. The first step of probate is a petition of administration filed by the attorney for the personal representative.
The petition will take some time to get approved and once it is approved, the court will issue an order and letters of administration. These documents are important and they handover the personal representative authority to carry out the business of the estate.
The personal representative of the court can collect estate assets, protect the estate, deal with creditors, and eventually, distribute the estate to the rightful beneficiaries.
There is a common misconception that if a person dies without creating a Will and power of attorney in Kelowna, the assets will be seized by the state. However, this is far from reality. The goal of probate by the court is only to handover the assets to the rightful heirs of the deceased.
Jimmy Walid is the author of this website and writes articles for a long time. To know more about Wills and Power of Attorney Kelowna and wills and estates lawyer Kelowna please visit the website.
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