Probate Lawyer Montana
A Montana probate lawyer understands how difficult it can be for families when they lose a loved one. Not only are there the emotional feelings of grief and sadness to deal with, but there are often the legal and financial issues of probating the loved one’s estate. This probate process is required to settle the estate and distribute the assets to beneficiaries and heirs, as well as settle any debts the decedent had. At Silverman Law Office, PLLC, we are dedicated to helping families work through the probate process, including assisting those who have been appointed executors or personal representatives. The following is a brief overview of that process.
Working Through the Probate Process
The first step in the probate process is to file a petition with the court. This petition requests that the court approve the person the descendant named in their will to be the executor or appoint an executor or personal representative to manage the estate if no one was named. The court will then issue letters of testamentary that authorize the executor to act on behalf of the estate. The executor is responsible for gathering and valuing the assets of the estate, paying any debts or taxes owed, and distributing the remaining assets to the beneficiaries.
Once the executor has been appointed, they must give notice to all of the heirs and creditors of the deceased. This notice gives these parties an opportunity to make a claim against the estate if they believe they are entitled to any of the assets. The executor must also publish a notice in a local newspaper to alert any potential creditors.
The next step for the executor is to determine all the assets of the estate and obtain their value. This can include bank accounts, real estate, investments, personal property, and any other assets owned by the decedent.
Once the assets have been valued, the executor will pay any debts or taxes owed by the estate. This can include funeral expenses, outstanding bills, and any taxes owed to the federal or state government.
After all the debts have been satisfied, the executor can distribute the remaining assets to the beneficiaries. This is typically done according to the instructions in the will if there is one. If there is no will, the assets will be distributed according to the laws of intestacy in the state where the deceased lived. This process will likely be delayed if anyone has filed their objection to the will.
Avoiding Probate
There are several ways to avoid the probate process, including setting up a trust, naming beneficiaries on financial accounts and life insurance policies, and gifting assets during one’s lifetime. These strategies can help to simplify the process of transferring assets after death and can save beneficiaries time and money. A Montana probate lawyer can help you determine which type of trust is best for your situation and if there are any other estate planning tools that would be beneficial.
Contact an Estate Planning Law Firm for Legal Assistance
If you would like to learn more about the probate process, a Montana probate lawyer from our firm can help. Call Silverman Law Office, PLLC to schedule a free and confidential consultation.
