Probate is a system that manages the assets of the deceased. Anything the person owned in regards to liquid assets and a home, is organized as it pertains to the will and testament. That structure seems easy enough, but it can be easily complicated. Family disagreements may muddy the waters. A will that is a little vague may make deciphering it a bit hard. What happens in the worst case scenario? What if there is no will at all? What if the person has a mountain of debt?
The answer to these problems has to be broken down into a few basic ideas. At its very core, a probate lawyer in Beaver Dam, WI, works to organize the assets to the right party through the will. If there are no assets, there is no probate to procure. The process begins and ends in a matter of weeks.
The debt is another issue entirely. Generally speaking, debt is tied to a specific individual. It cannot carry over to the family if the debtor passes away. That can be comforting, but there are a few exceptions to the rule. If there is any joint ownership or mutual uses, a creditor may be able to receive funds. For example, the deceased had a credit card for the family. The items purchased helped the entire family, and the records can substantiate that. The creditor may receive compensation through the assets.
Another exception is medical care. It is possible (though not exactly likely) to receive payments from a deceased loved one. Some states prohibit it, and a probate lawyer in Beaver Dam, WI, will absolutely fight against it. A will is not always an issue. The probate can go through without a will. There are standards and laws that detail how things should proceed.
Another interesting layer to the probate is that creditors can still technically try to receive funds. There is nothing illegal for a creditor to pursue a debt through the family, if they choose. There is no obligation from the family to pay the debt, but they have a right to pursue it (to an extent, of course). There is a line for everything. Click here for more on probate in Wisconsin.
