Hiring a probate attorney is sometimes necessary to settle an estate. Here are some things to think about.
In order to settle an estate, Hiring a Probate Attorney: Things To Consider Articles it is sometimes necessary to handle a probate attorney. Probate is a complicated legal endeavor which is undertaken in order to make sure property is divided according to a deceased individual’s wishes. Sometimes there are conflicting claims that need resolution before the will is acted upon. When a person makes a plan to distribute assets to heirs that he or she outlines in a will, there can be complications probate attorney conroe, tx. Complications may include confusing wording, or unexpected relatives or debt holders that show up to contest the divisions.
There are certain steps that are taken during this process, including:
- Legal notices must be published in print and/or online.
- Debt collectors and creditors must be notified that the estate is being divided up.
- The executor of the will must be brought into the loop in order to oversee the probate process along with a lawyer who specializes in this.
- Specific deadlines and time frames must be met during the entire process.
- Real estate property must be appraised and sold in order to divide up the proceeds.
- If there are any lawsuits pending regarding the estate, they will need to be settled before any action is taken regarding distribution.
- Outstanding tax debts must be made before the division takes place.
- There will be additional taxes due resulting from the inheritances that must be cleared up.
- Legal fees must come out of the funds, too.
Some individuals set up certain provisions ahead of time to make sure that probate is avoided as it can be a cumbersome process that takes months or even years to resolve. Some individuals set up living trusts in order to spare heirs the long legal process. Another way that this can be simplified ahead of a person’s death is if they have their attorney set up specific accounts and properties in a way that the funds are directly transferred to the heir. These are known as P.O.D. or T.O.D. P.O.D. stands for paid on death and T.O.D. stands for transfer on death. One is preferable for savings account while the other is designated for retirement funds. Even though these steps can streamline the process, there will still be inheritance and other taxes to sort out.
Estate planning is something that every person with assets should spend some time and energy on. Planning ahead of time will save a lot of headache and heartache for surviving friends and relatives who are heirs. Attention should be paid to wills, trusts, financial and medical power of attorneys. When there are questions in distribution of assets, a probate attorney will need to be brought in to sort out the complicated situation. The positive side of having wealth, property and various types of assets is that they create a richer life in terms of material goods. Leaving one’s heirs in more comfortable situations after one’s death can be a reassuring sense of power. The downside is that with wealth comes responsibility. Estate planning is part of the responsibility of taking care of business even after death.