Probate attorney
If probate becomes necessary, it typically commences shortly after the passing of a loved one. This legal process, however, is often protracted, stressful, and costly. While some family members may attempt to navigate it alone, it’s generally too intricate and time-consuming for them to undertake, especially while coping with the emotional burden of loss.
The Role of a Probate Attorney In most cases, enlisting the assistance of a probate attorney is advisable for settling an estate. These professionals aid in locating the executor, if required, and guide beneficiaries through the probate proceedings. Their services commonly include identifying and cataloging estate assets, assessing their value, addressing estate debts, distributing assets, and providing accounting, among other duties.
Probate Fees Probate fees are variable, contingent upon the circumstances of each case. They encompass filing fees paid to the probate court, while attorney fees, regulated by state law, can be hourly or based on a percentage of the estate’s worth. Although some cases may proceed smoothly, complications often arise, necessitating the expertise of an attorney to resolve them.
Determining Next Steps Following the death of a loved one, the existence of an estate plan dictates subsequent actions. Probate is frequently required if there is a will, or even if there isn’t. Unless the deceased established a funded trust or designated beneficiaries for all accounts, some level of probate administration will likely be necessary.
Usually, a probate attorney facilitates the appointment of the executor by the probate court and subsequently aids the executor and beneficiaries in various tasks, including:
Collecting life insurance proceeds
Managing tax obligations, including preparation of tax returns or collaboration with a CPA
Identifying all estate assets
Establishing and overseeing the estate checking account
Procuring appraisals for assets such as real estate, jewelry, or artwork
Distributing assets to beneficiaries
Settling debts and final bills
Preparing and filing all necessary court documents
Transferring titles for various assets
Moreover, in cases involving a trust, a probate attorney may assist with trust administration post-death. If the trust wasn’t adequately funded by the deceased, assets remaining in their individual name will likely undergo probate. In such instances, the will typically directs the assets to the trust, which then dictates distribution or retention of assets in trust.
Reasons to Hire a Probate Attorney Probate can be a complex and bewildering process, but probate attorneys offer invaluable support and guidance, simplifying intricate tasks and providing continuous assistance. Seasoned attorneys can expedite the process and alleviate stress. While any attorney may practice probate law, expertise in estate law is crucial to avoid delays and higher costs due to inexperience. Understanding the preferences of different courts can also streamline proceedings.
The duration of a probate matter is often unpredictable, influenced by factors like asset location, valuation, and beneficiary identification. Disputes among beneficiaries can significantly impede progress, potentially leading to litigation.
Additionally, if the deceased lacked a will, state law dictates asset distribution, potentially causing discord among family members. An attorney can offer advice and mediation in such situations.
Ultimately, regardless of the estate’s complexity, engaging a neutral probate attorney is often prudent to ensure compliance with the estate plan and state law.