Individuals who deal with time shares and probate problems have the trouble of choosing what will happen to the piece of property. For those who do not understand, probate is the legal process of moving the real estate of a person upon their death. Time shares and probate costs a great deal of money and time.
When the deceased left a will that will be carried out by the family’s legal representative, time shares and probate are generally not an issue. Squabbles of time share pieces of property can occur which is why it is recommended to and the time shares and probate considerations while doing your estate preparation.
What happens to the time shares during probate? The probate process can be objected to or uncontested. Due to the fact that a disgruntled heir desires a larger share of the deceased’s property than that he or she initially received, most problems arise within the time shares and probate procedure.
Arguments most often raised consist of: the deceased being poorly affected in making the gifts, the departed did not understand or was not aware of what they were doing when the will was executed, and the deceased did not follow the legal procedures in preparing the will. Most of time shares and probate estates are uncontested.
The standard process of transferring an estate consists of:
- Collecting all the property of the deceased
- Paying all claims, debts and taxes owed by its estate
- Collecting all rights to dividends, income, etc
- Settling any conflicts; and last but not least
- Distributing the remaining piece of property to the beneficiaries.
Normally, the departed names a person (administrator) to deal with the management of his/her affairs upon death. If the deceased fails to identify one, an appointment by the court will happen such as a personal representative or administrator, to settle the will and estate.
There are three typical estate-planning tools that can be used to prevent time shares and probate in the circulation of the person’s piece of property at death: joint occupancy with rights of survivorship, revocable trusts and recipient classifications. Joint occupancy applies to all real estate types other than retirement plans. Revocable trusts can be utilized with all kinds of residential or commercial property. Recipient designations are for life insurance plans, specific retirement accounts and retirement plans.
At this moment, time shares and probate can be planned with these three tools in mind. In the lack of a will, the best tool to fix time shares and probate problems is the through a revocable Trust. Revocable trusts or sometimes called “living trusts” have the following benefits over wills:
- Privacy. Monetary affairs and to whom the real estate is provided are private. Wills and stocks of probate estates are a public record.
- Cost Savings. The trustee only has to continue the deceased’s financial obligatios to the possessions, thus eliminating time shares and probate expenditures.
- Convenience. A revocable trust makes it simpler to pass time shares and probate residential or commercial properties to the trustee.
- Continuity. Revocable trusts serve as an extention of the deceased as he gives the duties to the trustee after death to pay the bills, pay taxes, and to manage the time shares and probate and disperse possessions right away.
A deceased might wish to select to deal with time shares and probate more than one successor trustee or executor and likewise the successor trustee and executor can be a business or individual entities like a bank trust department. To plan for issues like these estate planning matters or for business matter guidance, this law practice can assist:
To avoid disputes in time shares and probate, generally it is encouraged that the successor trustees and executors be the same individual. An excellent estate strategy need to be able to disperse the home to whoever the testator wishes and when the testator wants, with a minimum amount of estate, earnings, and inheritance taxes and lowest possible attorney’s fees and other costs. Preventing time shares and probate can be a huge relief to the departed and their family.