Probate & Will
Most of don’t know a lot about the law of wills, trusts, or probate–after all, they’re topics none of us really want to deal with. But we should all know the basics, and we should know enough to recognize common myths when we run across them. Here are a few misconceptions that keep coming around. 1. The rules vary from state to state, however; in some states, a surviving spouse and minor children share the deceased parent’s assets. (And there’s a good reason to write a will: you don’t want your eight-year-old to inherit a quarter of your bank accounts, do you?) – So do assets ever go to the state? Yes, but only when no relatives can be found. As long as your personal representative (the person in charge of wrapping up your estate) can turn up your uncle’s long-lost grandchild, the state won’t get your money. The term for this is called “escheat,” and there’s a reason you’ve probably never heard that word—escheat is very rare. Tip: Write your will! Even if the state won’t get your money, you still want to decide who does—so don’t leave that decision up to state law. Making a will is easy, and it doesn’t cost a lot. 2. Usually, the only delay is the period, mandated by state law, that gives creditors time to file claims.
Probate lawyers is also known as estate lawyers , help with property matters like estate or drafting of wills . also give advice on powers of attorney, or serve as an executor or administrator. What a lawyer does totally depend on whether or not the decedent has drafted a will prior to their death. A probate lawyer guides the executor of will or beneficiaries of an estate through the probate process.
From identifying estate assets and beneficiaries to distributing assets and inheritances
When a person passes away, their assets must be disbursed in a manner, which depends if the person has already made a will or not
When there is a will
When a person dies and leaves a will, then probate is required to examine and implement the provisions of that will.
When there is no will
According to The Hindu Succession Act, 1956, the property belonging to Hindu male dying without a will, would be first distributed to heirs within Class I. If no heirs Class I, then will be given to heirs in Class II. If there are no Class I or II heirs, then the property will first go to agnates and if no agnates are available then to cognates And if there are no cognates, then the estate will go to government.
Class I heirs are
- Sons of a pre-deceased son
- Widows of a pre-deceased son
- Son of a, pre-deceased sons of a predeceased son
- Widows of a pre-deceased son of a predeceased son
Class II heirs are
- Son’s / daughter’s son
- Son’s / daughter’s daughter
- Daughter’s / son’s son
- Daughter’s / son’s daughter
- Daughter’s / daughter’s son
- Daughter’s /daughter’s daughter
- Brother’s son
- Sister’s son
- Brother’s daughter
- Both mother and father
- Both sisters and brothers as well as lineal descendants of them
- Both paternal as well as maternal grandparents
- Children of both maternal and paternal grandparents and their lineal descendants
- Maternal and paternal grandparents’ parents
- Maternal and paternal grandparents’ parents’ children and their lineal descendants