Updated 3/30/22
Probate refers to the entire process of administering a deceased person’s estate. It entails paying all applicable taxes and bills, organizing their money, assets, and personal property, and distributing it as an inheritance. This is handled by a probate lawyer. How do you find out the executor of an estate? You may do so if the deceased person left a will naming the executor of their estate. To learn how to administer an estate properly, the executor must first compile a list of all debts, bills, and assets owned, and then obtain a grant of probate.
The next step is to complete an inheritance tax return and any other required paperwork, as well as pay any outstanding bills, before distributing the remaining funds in accordance with the will. How can probate be avoided? Only in the case of joint tenancy with right of survivorship. In this case, the inheritance is automatically passed on to the survivors. Can you probate without a will? While this may be difficult, another procedure may be used to administer the estate and distribute inheritance using a grant of administration while adhering to intestacy rules.
The beginning of the year is the time when most people are thinking about new beginnings and starting anew. It should, however, also be a time when many people think about wills, guardianships, trusts and probates. As you prepare to complete your end of the year taxes and look back over the decisions that you have made in the past 12 months, this is also the perfect time to make sure that you have the proper paper work in place to make sure that your financial future and the future of those that you love is accounted for. By working with a will attorney you can make sure that you have the proper papers in place and understand the value of making these decisions as soon as possible.
The unfortunate fact is that as many as 55% of Americans die without a will or estate plan. When this happens, it can take months, sometimes years, to finalize the estate. With fees from attorneys and district legal officials cutting into the funds, monies that you thought would be simply divided among your children on nieces and nephews can be divided and divided between relatives that you never even met. Taking the time to meet with a wills and trusts attorney or a probate lawyer can help you understand the process of making sure that your assets are adequately divided the way that you want. Understanding the necessary probate questions that need to be answered in the job of legal professionals who deal with these matters on a daily basis. What can seem foreign and confusing to you can be an exercise in every day work for will attorneys.
The fact that 51% of Americans between the ages of 55 and 64 do not have a will means that an entire generation is at risk of not knowing how their assets would be divided if an unexpected death would occur. And while many attorneys spend their entire careers working on these important financial planning papers, it is important that you find someone who will give you the individualized attention that will provide peace of mind as you make these very important decisions.
