Imagine one leaves bunch of jewelry and antiques. Does a family member need a will/trust to sell them? Obviously not. You buy a lot of stuff on craigslist, Facebook marketplace, offerup, without having any proof whatsoever. Does this logic extend to immovable property (say, land or home)? Imagine I buy a home from one of the kids(say, X) with cash, without any financing whatsoever, as the will states that upon death, this home goes to X. Another kid disputes this will, saying that (a) there is another will, which supersedes; or (b) that will in the question is fake; or (c) that will in the question was written under duress; etc. That's why buyers want a proof that the will is proper/proved through the court system, before he/she buys such a home. That's why it is called "probate the will". 'Probare' in latin = to prove; probating the will is very important step for buyers of immovable property (land, homes).
In India, often times, multiple kids sell the same inherited property to different parties. Then, this property ends up in legal disputes. Often times, thugs buy such disputed properties, then kicking out other buyers who don't have the political/thug backing. Why such disputes arise in the first place? Dumb buyers, who don't demand the probate.
Probating a will takes time and money: you need to hire a lawyer; these lawyers want 10 percent of the estate or even more; and it takes some time. How to avoid this nonsense? Create another legal person/entity, called trust(treat trusts like companies with assets, stock holders, etc). Have the trust, transfer the ownership of land and real estate to that legal entity, establish trustee and beneficiaries. Dissolve the trust and distribute assets to beneficiaries, without involving the court or even lawyers.
In India, often times, multiple kids sell the same inherited property to different parties. Then, this property ends up in legal disputes. Often times, thugs buy such disputed properties, then kicking out other buyers who don't have the political/thug backing. Why such disputes arise in the first place? Dumb buyers, who don't demand the probate.
Probating a will takes time and money: you need to hire a lawyer; these lawyers want 10 percent of the estate or even more; and it takes some time. How to avoid this nonsense? Create another legal person/entity, called trust(treat trusts like companies with assets, stock holders, etc). Have the trust, transfer the ownership of land and real estate to that legal entity, establish trustee and beneficiaries. Dissolve the trust and distribute assets to beneficiaries, without involving the court or even lawyers.