Understanding probate and probate attorney
A certified copy of a will bearing the seal of a court with appropriate jurisdiction is called “probate.” Together with a grant of administration of the testator’s estate. Only the will’s nominated executor is eligible for probate. Probate is required in case the will cover real estate in more than one state. So, in this article, we understand how a probate attorney helps in asset management.
After someone passes away, a probate lawyer handles their estate’s administration. If the person has no other nominees, they may even act as an executor or administrator of an estate. An estate planning lawyer creates wills, trusts, living trusts, and powers of attorney for clients who are still alive.
Common Assets that are Probate-able
Probate requires for items that are:
- Owned only in the name of the decedent, such as real estate or a vehicle with just that person’s name on the title
- The portion of real estate held as “tenants in common,” for example, the decedent’s stake in the warehouse he owned with his brother.
Commonly referred to as the probate estate, this property. The executor designated in the will is responsible for initiating and overseeing any probate court actions necessary for any assets to be distributed. The probate court will appoint an executor if there is no will or if the document is silent on one. In either case, the person in charge may retain counsel to assist with the legal proceedings and may deduct the cost of counsel from the estate’s assets.
Role of the probate attorney that helps in asset management
The lengthy legal process of probate calls for submitting paperwork, publishing notices, and notifying numerous administrative bodies of upcoming hearings. Additionally, there may be instances when a probate judge or a court official request to inspect documents.
Therefore it leaves you scrambling to and from the courts with little advance notice or preparation time. However, by working with a probate lawyer, you can completely avoid going to court because they can handle all those matters on your behalf.
An estate’s executor receives guidance from and helps from a probate lawyer with the following:
- Locating the deceased person’s assets, both those subject to probate and those not.
- Obtaining estimates and values for all of the estate’s possessions.
- Preparing and submitting all court-required paperwork.
- Administering retirement accounts, such as IRAs and 401(k)s, and collecting any life insurance payouts.
- Paying off the deceased’s final debts and other obligations and maintaining track of any open financial accounts.
- Managing anticipated federal and state inheritance and estate taxes and figuring out where the money will come from to pay them.
- Addressing any income tax difficulties and resolving disagreements between beneficiaries and personal representatives.
- Assisting with the estate’s property sale and asking the court’s approval for certain acts as required by the relevant state’s probate rules.
- After all the obligations have been settled, the final phase of the probate process has been completed in managing the distribution of the deceased’s assets.
- Identifying and securing estate assets is one of the most important steps that a probate attorney can do concerning managing your assets.
Different disputes that probate attorney handles
Some states may offer a simple probate procedure. They are complete with step-by-step directions, copies of the necessary paperwork, and anything else you could require neatly packaged. However, having a skilled probate attorney on staff will be essential for other estates where large and small issues occur.
Legal aid in Los Angeles Probate Court
You’ll require legal counsel, for instance, if any of the following issues occur:
- Disputes involving back taxes owed or any other complex tax circumstances.
- Will problems or ambiguities (typically the wording).
- Probate issues include claims made by a spouse or close relative to assets or properties.
- Financial disagreements, debts, or unfulfilled contracts, such as unfinished sales or business deals.
- One gives the assets to the minor requiring guardianship.
- Estates with excessive debt and insufficient assets to satisfy creditors
- Assets will need to pay creditors.
Employing a probate lawyer for a probate attorney to help with asset management will ensure that your family matters are in the correct hands.