Death is inevitable, so it is important that you are aware of some of the options that you have when it comes to your assets once you have passed on. You will want to take care of things such as your final expenses as well as making sure that your assets are given to your chosen beneficiaries. Probate law may one of the most overlooked factors that is observed after death, mainly because not everyone understands what it is or how it works. Here are a few of the main things you need to know to understand Probate Law in Lake County.
Why is Probate Law Important?
In its most general meaning, probate law has to do with the method that your estate is managed, administered and processed through the legal means after your death. Making sure that you have a will in place will help determine what what assets go to your beneficiaries and family members.
What is the Process?
Although you will not be around for your own probate, you may need to be knowledgeable about the process for when your loved ones pass away. First you will need to swear in the personal representative which should be selected by the person in their will. Next, creditors will be notified and your property will be inventoried and evaluated. Lastly, it will all be distributed as the law allots.
Factors to be Aware of
This is a fairly simple legal process; however there are always some things that can complicate the process further. Depending on how complicated the estate is, and where it is located can determine quite a few factors within the probate process. The law varies from place to place so be aware. The type of property it is can also determine the value and how it is evaluated.
As you can see, Probate Law in Lake County is very important to be knowledgeable about. Before you pass away it is important that you get your affairs in order, especially when it comes to probate law, in order to make things easier on your family members. Consider getting your probate orders in line early, and you won’t have to worry about it later in life. contact Charles T. Newland and Associates today.