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Dividing the Estate of a Deceased Loved One

Estate Planning Word Cloud ConceptWhen a loved one passes away there should always be a grieving period before their estate is gone through. This grieving period may create feelings or create scenarios where the family may not necessarily agree, but can come together and support one another. However, once you throw in the deceased person’s estate, property, money, and personal effect, it can quickly escalate to a fight to receive what they believe they are entitled to.

The Will

Many people are given the suggestion of creating a living will to serve as an aid once they have passed away. This will determines who gets what and who the executor of said things is. The will should provide instructions on how to divide the deceased person’s estate. In the event that there are any debts that are in the deceased person’s name, the executor must first take care of these before distributing the estate to the new pre-instructed owners.

Probate Court

If the decease person has accumulated a debt throughout their life probate court might become involved in helping to resolve those debts. When a person passes away that does not have a will, their estate will then be turned over to probate. The court system will choose a representative for that estate which normally falls into the hands of the deceased’s spouse or a close relative. The distribution of the property will then be divided by a judge among the people who are closest to the deceased, including the spouse, children, or grandchildren.

Alternative Division Solutions

Although not everyone may agree on how property is distributed, even with a will, sometimes it is best to come to an understanding that it can be shared jointly. Property that the deceased owned can be divided amongst family members so that each obtains an equal share in the estate. Neither party would be able to sell the property without consulting the other parties involved. It would stay within the family unless all of the parties who obtained the property agree to sell and split the money earned from selling the property.

Many questions may arise about the future of you and your family’s estate. These questions and more information can be obtained by contacting an estate lawyer. A professional can help give you peace of mind that your estate will be properly handled upon your death and even help create your will or give you the necessary tools to make the toughest decisions easier.

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