Americans are in debt and aging. The unspoken
reality is that people will pass away with some type of debt obligation. Many businesses
fail to proactively manage these types of accounts and struggle to collect on these
IOU’s. Businesses need to understand probate, probate is a centuries old legal process used
to administer the estate of someone who has died. Their estate is comprised of two things: their
assets, which include property and investments, and debts, which include hospital bills or
taxes. After an individual dies, the estate is divided.
John gets the house, Andrea gets the savings account, and John, Jr., the stock portfolio.
Distribution of assets to heirs is just a part of the probate process. In reality, probate
law requires that the legitimate debts of an estate be paid off before any distributions
to heirs are made. No one gets the stocks and bonds until the
creditors are paid. That’s probate law. It’s effective, transparent and fair and it’s designed
to be that way. Sound simple? No, it’s complicated. Filing requirements vary across more than
3,450 probate courts. The laws are complex and vary state-to-state. The time-lines for action are strict and inflexible.
Hard to comprehend? Just remember, probate’s effective, transparent and fair. People still
do pass away with some type of debt obligation. But don’t be afraid or wonder what to do.
Leverage probate. Visit probatefinder.com. com to learn how.