Tag: wills

Probate Attorneys Can Help With Estate Settlement

Julio Saunders Law Firm , , , , , ,

Probate Attorneys can help with a variety of issues related to estate settlement. This includes contested wills, contested accountings, and contested administrations, as well as spousal elective share disputes and claims against fiduciaries.

Probate Attorneys

A probate attorney assists the personal representative, providing counsel on legal filings and ensuring estate laws are adhered to. They also help determine final bills and outstanding debts that must be settled from estate assets. Click Here to learn more.

There’s an old saying, “You can’t take it with you.” When someone dies, their estate must be dealt with. The person tasked with this responsibility is often a family member or close friend, and they usually get assistance from a probate specialist to help deal with legal issues.

Probate specialists are attorneys who specialize in the planning and administration of an estate and its assets after a loved one’s death. They also work to provide support and guidance during the probate process, helping to ensure that all legal requirements are met.

When you hire a probate attorney, it’s important to know what their fee structure is. Some attorneys charge a flat fee, while others ask for a percentage of the gross value of the estate. This percentage is based on the value of the estate before debts such as mortgages are taken into account.

If you’re looking for a probate lawyer, make sure to consider how long they have been in practice and the types of cases they typically handle. The longer an attorney has been in business, the more experienced they are likely to be. In addition, you’ll want to look for a lawyer who practices in your area of expertise, as this will be beneficial when it comes to knowing the local rules and procedures.

Another thing to keep in mind is that when you hire a probate specialist, they’ll usually handle the bulk of the work for you. This includes identifying estate assets, gathering those assets, filing final income and estate tax returns, paying bills, and distributing the estate to heirs. This can save you a lot of time and hassle, especially if the deceased had a complicated estate that required extensive research to understand.

The biggest disadvantage of working with a probate specialist is that they can be expensive. Attorney fees and court costs can quickly add up, and they can eat into your inheritance. However, you can minimize these costs by preparing your own estate plan before you die and taking advantage of alternatives such as living trusts, small estate affidavits, and payable-on-death accounts.

They Know the Rules

Probate is a legal process that settles a deceased person’s estate, which includes authenticating their final will in court, accounting for all assets and debts, paying creditors, distributing inheritances, and other tasks. If you’re the executor or administrator of a loved one’s will or are dealing with an estate that has no will, a probate attorney can help you navigate these often complex and sensitive proceedings.

A skilled probate attorney is your ally and advocate. They work to simplify complexities and protect your rights, guiding you through the entire process. They also keep you updated on the latest developments in your case. In addition, they know the local laws and are familiar with any potential obstacles or loopholes.

In addition, if you have a dispute with a family member over the estate or any of its components, a probate lawyer can help you resolve those disputes. They can assist you with mediation or arbitration and represent you in court, if necessary.

As a trusted legal advisor, a probate attorney can also help you create an estate plan and execute it. They can explain your options and advise you on how to structure the estate to minimize taxes and ensure that all beneficiaries receive their fair share of the inheritance.

The right probate attorney can help you preserve the legacy of your loved one and prevent disputes that could lead to litigation. We understand how important it is to make sure that your loved ones’ wishes are honored. We take the time to listen carefully to your concerns and provide the personal attention that your family deserves.

They Keep You Up-to-Date

If you are in the midst of handling an estate of a deceased loved one, it is highly advisable that you hire a qualified probate attorney. This will help you avoid costly errors and settle the estate in a timely manner. Having an experienced lawyer on your side can also relieve some of the stress that goes along with being named executor.

Probate lawyers handle a wide variety of legal tasks during an estate administration. This can include preparing legal documents for probate court, collecting and valuing property, identifying debts and creditors of the estate, obtaining life insurance policy proceeds and ensuring that beneficiaries receive their inheritance. Generally, an estate lawyer will charge either an hourly rate or a percentage of the total value of the estate.

While any licensed lawyer can technically take on a probate case, it is much more beneficial to use an attorney that practices in this field. After all, they are more likely to know all of the intricate details that can go into a probate case. It’s similar to a heart surgeon being asked to perform foot surgery; they might know how to operate on feet, but it would be better to go with a doctor that specializes in the heart.

The complexities of a probate case can lead to mistakes that could potentially land you in hot water. A seasoned probate attorney is often aware of the common issues that come up in these types of cases and can help you avoid them. For example, if you do not properly authenticate the will or file it correctly, you could be held personally liable for any actions that might follow.

A good probate attorney will ensure that all creditors are given a fair chance to make their claims. They will also make sure that all taxes are paid and that all property is properly distributed. Additionally, if there are any issues that require litigation, such as contested wills, contested accountings, relief against fiduciary or spousal elective share disputes, a good probate attorney will be able to handle those as well.

They Save You Time

Probate is a lengthy process, and there are many tiny details involved. These can add up to a lot of time and energy, especially for those who are not accustomed to handling these legal and financial issues. Having a probate attorney on your side can help you navigate the process efficiently and effectively.

In addition to the administrative tasks of estate administration, a probate lawyer can also help you resolve disputes that arise during probate proceedings. This can save you a lot of time and money in the long run. A probate attorney will have extensive experience in the industry, and they know how to deal with various situations. Their expertise can ensure that your loved one’s estate is handled properly, and the heirs will receive their inheritance in a timely manner.

A probate attorney can also assist you with preparing and filing the required documents for the court. This includes a petition for probate, letters testamentary, and an inventory of estate assets. They can also handle all the filings necessary for resolving debts, paying taxes, and distributing estate assets. Additionally, a probate attorney can provide guidance on how to handle complicated or unique situations, such as a family member who died intestate (without a will) and left a substantial amount of property to one beneficiary.

Most importantly, a probate attorney can make sure that all steps are taken to prevent a case from being rejected by the courts. This is essential, as it can cause a lot of delays in the settlement of the estate. Additionally, a rejected case can open the door for litigation and costly attorneys’ fees.

The decision to hire a probate attorney or not can depend on a number of factors, including how comfortable you are navigating probate, how complex your state laws are, and how big or complicated the estate is. Ultimately, it is best to consult an experienced probate attorney and discuss your options. This will give you a clear understanding of what to expect in terms of cost and will help to avoid any surprises along the way.

Estate Planning Is Not Just For the Rich and Famous

Wesley Mclean Law Firm , , , ,

Many people think estate planning is only for the wealthy, but everyone needs a plan. An estate plan consists of several legal documents that make sure your assets pass smoothly to your loved ones after you die or become incapacitated.

It can also help you avoid family disputes and potential taxes. Here are a few things to consider when creating your estate plan. For more information you can visit Ogden Utah Personal Injury Lawyer.

  1. Know What You Want

Estate Planning is the process of making it clear how you want your assets managed and distributed after your death or incapacitation. Often, this involves creating a will, trust, and other legal documents. However, it also encompasses establishing a power of attorney, medical directives, and appointing a trustee to oversee your investments, bank accounts, and other financial assets.

Knowing what you want is important because your family will have to guess if you don’t make your wishes known. This can lead to conflict and litigation. In addition, it’s important to consider your state’s laws regarding probate and estate taxes. These can significantly impact how your assets are distributed to heirs.

Start by inventorying your tangible assets, including everything from jewelry and valuables to vehicles and even a home or other real estate. You should also include information about your financial assets, such as your brokerage accounts and other bank accounts, the deeds to any properties you own, and titles for any cars you may have. You should also compile a list of any legal or financial documents you have, including mortgages, insurance policies, powers of attorney, and the names and contact information of any professional advisors you work with.

Once you have a good idea of what you own, think about who should inherit each item. For example, leave something of high value to a loved one and give less important items to friends or charity organizations. It’s also important to consider whether you have specific heirs that might cause conflicts or other issues with your plan.

Once you have your plan in place, it’s important to review it regularly. This is especially true whenever you have a major life event, such as the birth of a child, the death of a loved one, or a divorce. It’s also a good idea to meet your financial and legal professionals annually to ensure your plan is up-to-date and aligned with your goals. At Gentreo, we can help you with this by preparing an affordable, easy-to-understand Estate Plan that will ensure your wishes are carried out after your death or incapacitation.

  1. Create a Will

When people hear the word “estate,” they may think of mansions and sprawling grounds. But the truth is that everyone has an estate, and an estate plan can help anyone protect their belongings and ensure their wishes are carried out after they die.

A big part of estate planning involves choosing beneficiaries. Beneficiaries are the people who will receive your assets in your will and who will make financial or healthcare decisions for you if you can’t speak for yourself. It’s important to choose carefully because your choices will impact your loved ones’ futures.

Having alternate (contingent) beneficiaries is also a good idea if your first choice doesn’t survive you. You can name anyone as a beneficiary, including family members, friends, charities, organizations, or even trusts and entities like businesses. It would be best to discuss your beneficiaries with family and friends who your decisions will impact. If possible, you should include minor children in this conversation so they know who you want to be their guardian.

This is also a great time to discuss your values and what you hope to accomplish with your assets. For instance, if you’re religious, you might want to use some of your assets to support a church or charity. This could be a way to leave a lasting legacy and impact future generations.

When you create your will, reviewing it periodically and after major life events is a good idea. For example, if your assets have changed or you have new family members, you’ll want to update your will accordingly. You should also make multiple copies, store them safely, and let your loved ones and trusted advisors know where to find them.

Many people put off making a will because they don’t think they own enough or have the time, it sounds expensive or confusing, or they’re afraid their families will fight over their inheritance. But that kind of conflict can lead to heirs losing out on valuable assets or your family going through the costly process of the probate court to determine who gets what.

  1. Create a Trust

Trust is essential if you want your hard-earned assets to be passed on in a certain way. Estate planning is not just for the wealthy, and even a simple plan can help ensure that your loved ones are taken care of after your death or in the event of incapacitation.

A trust allows you to pass on your property by transferring ownership to a trustee, who manages the assets to benefit others (called beneficiaries). You can set up a revocable or irrevocable trust. The former is flexible and lets you change the terms during your lifetime, while the latter cannot. Both types of trusts can help minimize taxes, avoid probate, and make it easier for your family to access your assets.

When you create a trust, you will also need to name a trustee who will oversee and carry out the instructions in your trust after your death. This is an important role, and choosing someone you can trust to fulfill your wishes on time is best. It is often a good idea to have more than one trustee if a conflict arises or one cannot act.

Having a trust can also help you avoid probate, a time-consuming legal process that can be expensive. In addition, a trust can help keep your affairs private and out of the public record.

You will also need to decide how the assets in your trust will be distributed. This is an important consideration, especially if you have young children. For example, consider setting aside some money for them to be used for college tuition or other purposes. Consider setting aside funds for a specific charity or cause.

If you have significant assets, you should consult an estate attorney to discuss the benefits of a trust. They can also help you determine the appropriate amount to include in your trust and what assets should be included. Including life insurance policies, retirement accounts, and bank accounts makes sense.

  1. Make an Inventory of Your Assets

Taking an inventory of assets is one of the most important steps in estate planning. While it may be tedious, ensuring that all of a person’s assets are documented and located so they can be distributed according to their wishes after death is critical. Going through file cabinets, desk drawers, and safe deposit boxes can help find assets that may have been overlooked. This step should also include a list of debts, such as mortgages and credit card accounts.

It’s important to list all of a person’s property, including real estate, such as homes and cars; personal belongings, such as jewelry and furniture; financial accounts, such as checking, savings, and investment accounts; and life insurance policies. It’s also a good idea to consider any significant debts, such as mortgages or lines of credit, that must be paid upon death.

If a person’s assets are not properly planned, family members might argue over what to do with them or be subjected to taxes that could eat up a portion of the estate’s value. An estate plan can prevent this by naming who handles a person’s finances and assets should they become incapacitated or die. It can also designate who will receive a person’s possessions and how much they should get.

Estate planning can be complicated, so it’s always a good idea to consult an attorney if you aren’t sure where to begin or how to implement your wishes. Having an attorney by your side can help you avoid costly mistakes that can be made when you attempt to do things on your own.

It’s important to review your estate plan regularly. Experts recommend that people check their plans every 3 – 5 years or whenever there is a major change to their situation, such as a birth, marriage, divorce, the death of someone included in their estate plan, or a child reaching adulthood. It’s also a good idea for people to create an estate plan when they are younger, as they can make changes throughout their lifetime that will impact their loved ones.