When a person asks whether assets must be dispersed in a manner consistent with state laws and following directions that they put forth when they were alive as stated in their will. A probate lawyer will be able to guide the executor of the will or the beneficiaries of the estate through the probate process, from identifying estate assets and beneficiaries to distributing assets and inheritances.
You may be wondering what is a probate lawyer or probate attorney? A probate lawyer is a state licensed lawyer who works with the executors beneficiaries of an estate to settle the affairs of the decedent. In some instances, probate may be able to be avoided if all the descendants’ assets have been placed in a trust. A trust can ensure a legal transfer of property outside of the courts and legal proceedings.
A probate lawyer is also known as an estate attorney, and essentially, the difference between these two roles and titles is how they are involved in the circumstances of that estate. Their involvement is going to depend on the value of the decedent’s assets and whether they had a last will and testament to the time that they passed away. In cases where there is no will, beneficiaries are able to file claims in several what they believe they are entitled to, and in situations where there is a will challenges may arise to the ability of the will leading to possible litigation in court.
Some of the more specific and common tasks that a probate lawyer in is going to do are:
- Collecting proceeds from life insurance policies
- Identifying and securing estate assets
- Obtaining appraisals for the decedent’s real property
- Assisting in the payment of bills and debts
- Preparing and filing all documents required by a probate court
- Determining if any estate or inheritance taxes are due, and making sure those debts are satisfied
- Resolving income tax issues
- Managing the estate checking account
- Transferring assets in the decedent’s name to the appropriate beneficiaries
- Making a final disbursement of assets to beneficiaries after all bills and taxes have been paid
If you are the beneficiary named in a will, you may have several rights and responsibilities that you should consider as you move through the process of settling the estate. Some of those responsibilities are:
You need to be sure you know your rights to the particular situation that you were in. Not all wills and trusts are going to be the same, and not all beneficiaries are entitled to the same rights that a particular will or trust. It is imperative that you understand what your specific rights are, and if you have questions about what your rights are, reach out to your probate lawyer.
You are going to be entitled to information and if you have questions, do not hesitate to ask the executor or the lawyer. You should also ensure that all accounting for the estate is as far as you need to have an overview of the state and it will give you a permanent record that you may need at a later date. Be aware of their tax consequences of inheriting an asset, and much more.
If you have questions about your circumstances, reach out to a probate lawyer such as the ones available at Theus Law Offices.