Knowing and understanding the laws which govern the probate process in your state is extremely important. If you live in West Virginia and either are forced to act as an administrator of a will or have been listed as a beneficiary in a family member or loved ones will, you will find yourself having to quickly become familiar with probate law.
Probate Law: A Crash Course
Probate involves the execution of a deceased person’s will which involves distribution of the estate, assets and payments to creditors. It also governs the disbursement of property of decedents who fail to leave a will.
A valid will in West Virginia must be authored by a person over the age of 18, who is in sound mind. There must be two witnesses and a judge present when the testator signs the will. The testator’s witnesses must sign the will as well. If the testator is not able to sign the will, a representative may. However, they must be given permission by the testator and this information must be included in the will.
When a loved one or family member dies, the individual who becomes the administrator of the will should consider hiring a lawyer to handle probate. This will help them avoid any problems or wrong interpretations of the law. Failure to understand the law or meet stated guidelines can slow down the process and cost time, money and peace of mind.
Revocation Of A Will
Revocation of wills and intestate estates are also important legal terms that must be understood. A will can be revoked for a number of reasons. If it was written prior to a person getting married, if the deceased person was divorced and crafted the will when they were still married or if they were murdered by a would be beneficiary, then a will can be automatically revoked.
Intestate estates are those of persons who died without a will or a will that has been revoked or proven invalid. West Virginia’s statutes will in these cases, determine how the decedent’s assets and estate should be divided and distributed.
Choosing A Probate Attorney
Because most people are unable to easily grasp legal speak and probate can be taxing even for those properly trained, it is in the best interest of everyone involved to contact and work closely with a probate attorney who is well versed in the applicable West Virginia law. The faster a probate can be completed the better for everyone involved. Creditors are able to receive any due payoff amounts and benefactors can receive property, assets or money that they were left.
Inheritance Advance Loans
It can take a long time before a probate case is closed out. In fact, it is not unheard of for an estate to be in probate for a number of years. This can be extremely frustrating for the administrator of the estate and for those who were left inheritance money. For individuals who are not able or willing to wait for inheritance money, there is one option that meets the needs of persons who find themselves in “probate limbo.” They can take out an inheritance advance and get money today. After they finally receive their inheritance, they can pay back the loan. This allows them to get the money they need today instead of being forced to wait years.
Probate Resources- West Virginia
Inheritance Taxes- West Virginia
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