When you pass on, there is a huge tendency that your estate will undergo probate, unless you created a plan to bypass the process. In simple terms, probate is the legal procedure your estate goes through after your death. During this legal proceeding, which can be stressful and time-consuming, a court will begin the process of sharing your estate to the right heirs.
Probate is always straightforward if you have a will and/ or Living trust that states your wishes. These documents help most by designating beneficiaries and an estate executor. An executor is the individual charged with ensuring that your final wishes are adhered to.
If you have mindfully prepared an estate plan, I consider you to be smart. Creating a will or living trust makes a difficult life-event a little easier on those you love.
Will undergoes probate too
It is essential to understand that your will must go through probate. However, it is so much easier when you have planned ahead. During the probate process, a court will first validate your Will, and then authorize your executor to settle all debts and taxes before sharing your remaining properties based on your will. You probably have many questions about probate and a probate lawyer, so read on to find out more.
Let’s start with a comprehensive definition of probate.
What is probate?
Probate is a court-supervised process that validates your will (if you have any) and approves your designated executor so he or she can share your property and belongings according to your wishes.
While the probate process is on, all your assets must be located and appraised for total value. As soon as that is done, taxes and debts are settled and the left over is shared to beneficiaries.
In cases where there is no will (meaning your estate is intestate), this process becomes more complex. Because there is nothing that indicates your final wishes, it is up to the courts to handle proceedings and make all the decisions on your behalf.
When is probate necessary?
Unless you properly plan, your estate will undergo the probate process. That said, the process is greatly simplified, or potentially even totally bypassed, when you have a strong estate plan in place. The more planning you do now, the easier it will be on your loved ones after your demise.
One effective way to reduce the burden and headache of probate, or even bypass it altogether, is by setting up a trust. Any assets you place into your trust will avoid probate.
It is easiest to think about probate as a supervised process that ensures the appropriate beneficiaries get the right titles and assets from your estate. In cases where no will or trust is present, it is down to the courts to appoint an individual to represent your estate. This personal representative will handle all the things an executor would if a will had been written.
Some assets and property in an estate will always undergo the probate process, while others (such as those in a trust) will not.
Having understood what probate is, let’s consider who a probate lawyer is.
Who is a probate lawyer?
A probate lawyer is a state licensed attorney who works with the executors and beneficiaries of an estate to settle the affairs of a deceased estate owner. In some cases, probate can be bypassed if all the decedent’s assets have been placed in a trust. A trust can facilitate the transfer of property outside of court including legal proceedings.
What does a probate lawyer do?
Specifically, here are some of the common things a probate lawyer may help an executor and beneficiaries with during the probate process:
- Collecting proceeds from life insurance
- Identifying and securing estate assets
- Obtaining appraisals for decedent’s real property
- Helping In the payment of bills and debts
- Drafting and filing all necessary documents needed by a probate court
- Determining if any estate or inheritance taxes are due, and ensuring that those debts are settled.
- Handling income tax problems
- Managing the estate checking account
- Transferring assets in the decedent’s name to the right beneficiaries
- Making a final reimbursement of assets to beneficiaries after all bills and taxes have been settled
Need a probate lawyer?
Do you need a probate lawyer to help you with those challenging probate tasks? Please, don’t hesitate to contact our office. Our probate lawyers are waiting to hear from you and offer their help wherever they can.