Heirs to a fortune always sounds like such a grand event, when in reality many ordinary Americans are heirs in their own right to a variety of things ranging from real estate to cash and from jewelry to artwork. While some of the “gifts” may be of great value, some may also be sentimental, but cherished nonetheless.
It’s an interesting process that goes on behind the scenes when it comes to making out a last will and testament. A lot of people are very uncomfortable talking about their own mortality, however, it is something that we all eventually need to contemplate when we consider what we own and would like to pass on to others.
Legally speaking, the term heir refers to someone entitled to inheritance property from a relative who has died. Heirs are normally named or designated in a person’s last will and testament. When people take on estate planning and execute a last will, this is generally referred to as a testate probate. When the deceased don’t execute a will, this is called an intestate probate.
What does probate mean? Probate is a court managed affair that is required in the US. However, having said that, the Uniform Probate Code does not have the same standards in all the states. This is one of the reasons that if you wish to do estate planning, you will want to know the probate procedure for your state. Some require that all testate and intestate estates go through probate. Others exempt estates valued under $100,000 from probate.
You may at one time have read a mystery novel or seen a detective program on TV that refers to a deceased having died “intestate.” When this happens, a judge appoints a probate representative who will oversee management of the estate. One of the duties of an estate administrator is figuring out who the rightful heirs happen to be. In most instances this will be the spouse, adult children, sisters, brothers and mother and father. This does not rule out gifts and bequests to friends, which may also be included in a will.
If on the off chance that a legal heir has gone missing, or was booted out of the family at one time, there have been cases where a private detective was hired to track down the missing relative. Costs for services like this are paid through the estate. While most wills are rather routine matters, there are famous cases that do tend to pique people’s interest.
Processing a will through probate may take anywhere from three to nine months, but this solely depends on the value of the estate, the kinds of assets involved, court caseload and how the family acts. Yes, those disputes you often hear about over someone’s last will do indeed happen. Often when bequests are handed out in a large and diverse family, people don’t always see eye to eye on the final gifts and want to dispute the will. Put another way, some families just can’t be happy with what they get from Grandpa and fight like tooth and nail to get more or try to block others from getting their inheritance.
To say that non-agreement to the terms of a last will puts a crimp in things is an understatement, and you hope that this does not happen. Generally speaking, if all the heirs do see fit to agree to the terms of the decedent's last will, probate proceedings get rolling. On the other hand, if one or more heirs contest the will, probate may wind up suspended for anywhere from several months or several years.
Fights over the will can be avoided to a certain degree with proper estate. This is crucial if for some reason Grandpa disinherited some of all of his heirs. If this is the wish of the person writing the will, there must be a disinheritance clause that clearly states the reason why the heir was written out of the will. If this clause is not in evidence, the individual who was written out of the will may lay claim to inheritance assets by contesting the will or through intestate probate laws.
Thinking of drafting a will and want to avoid any pitfalls later when the will is read? Take the time to speak to a competent attorney and get it done right the first time. It will save everyone grief later.
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