Well over one million attorneys work in the United States. Each of those attorneys has a specialty that they lean on when assisting clients, whether that specialty is accident remediation, criminal defense, or anything in between.
One not often talked about player in the legal world is the ever-important probate attorney. Probate attorneys are the legal forces that jump into action when estates change hands, particularly after someone passes away.
Are you curious to learn more about probate attorneys and specifically, what functions they may be able to perform on your behalf? If so, keep reading!
Probate Attorneys Assist With Will Execution
While probate attorneys don’t necessarily always write wills, many comb through them to ensure that they’re compliant with local laws, are stored correctly, and that interested parties know a will is in place.
Each of those responsibilities is integral as they ensure that the wishes of those creating a will be upheld in court. Furthermore, notifying potential will recipients that a will exists can improve transparency and foster a willingness to accept the legitimacy of wishes that a will dictates.
Itemizing Estate Assets
When somebody passes away, where does one start in understanding what has been left and what the value of those items are? Everything from antique chess boards to the home that a person died in are worth something to someone.
A probate attorney is a person that will go in, notate anything that may be of value, and obtain appraisals on each of those assets for transparency amongst, heirs, legal authorities, and debtors.
Assessing Debts
Leftover debt is an aspect of passing away that not many people on the verge of death think about. The truth is though that many forms of debt can put liens on an estate before assets are passed to heirs.
For example, credit card debt, under certain conditions, may try to attach itself to the spouse of a deceased person. If that’s not possible, companies might challenge an ex-client’s leftover assets to recoup losses.
A probate attorney can assess which debtors have made claims on an estate, which have the right to do so and can guide heirs through how best to manage that debt before dipping into assets themselves.
Facilitate Collections From Insurance Companies
Did a person that you know who passed away do so with a life insurance policy? If so, how can you be sure that a life insurance policy is going to pay what’s owed?
How can you even know if a policy exists?
Probate attorneys will do all of the leg work involved in finding those answers. Furthermore, with the information aggregated, attorneys can put pressure on insurance companies to pay out what they owe in a timely fashion so heirs can collect.
Insurance money can be a great way to satisfy debts and pay for burials so funds for those necessities don’t have to come out of inheritances.
Court Appearance Accompaniment
When assets change hands through wills, things don’t always go smoothly. Occasionally, legal challenges will come up from the government or from heirs that are fighting for what they feel should be their portion of inheritances.
No matter who is making claims against what, by arming yourself with a probate attorney, you give yourself an advantage when it comes to either defending or poking holes in a person’s will. With proper legal guidance, you may be able to steer legal decisions in your favor which could increase your windfall or decrease the windfall of others.
Transferring Assets to Beneficiaries
A person you know left you a house, a boat, stock options, and an inordinate amount of cash. How is it that you go about collecting those items? Certainly, putting in a call to your great grandmother’s stockbroker and asking that all of her assets be transferred to your name isn’t going to net you the outcome you want.
In most cases, when transferring assets, a lengthy legal process needs to take place to prove to asset guardians that items being transferred, should be transferred.
A probate attorney is integral to creating the paperwork required to manage this process. With their help, you can sit back and enjoy what you’ve been left rather than having to go through a painstaking process of getting your hands on everything.
Still asking yourself, “when is probate necessary?” as it related to asset transfers? You can learn more at that at the link provided.
Managing Taxes
Unfortunately, you getting a windfall of liquid and physical assets does not come without its drawbacks. The primary drawback you can expect is taxes.
There are gift taxes that several areas will impose on recipients. Those taxes need to be paid. Otherwise, you’ll find yourself in trouble with collections agencies and may very well discover that what you inherited will be confiscated as a means of payment.
A probate attorney can assess your tax burden. They can also help you understand how best to alleviate that burden so your windfall doesn’t end up doing you more harm than good.
Hiring a Probate Attorney Is a Must When Dealing With Estate Matters
Dealing with estate matters can be one of the hardest parts of a loved one passing away or falling ill. To take the pressure off of yourself and to allow yourself to focus on what matters, we highly recommend working with a probate attorney.
If you have trouble finding one, run a search for the “best probate lawyer” in your area on review sites like Yelp or Google. And if you’d like more guidance on how probate law applies to a life situation you’re facing, we’ve got you covered! Consider reading more relevant content on our blog.