A probate lawyer specializes in preparing the last will and testament of a deceased individual. There are also disputes that happen during the disposition of the properties. In a sense, a probate lawyer also serves as an estate or a trust lawyer.
One of the biggest ordeal that a person has to face in life is losing a family member or a loved one. The importance of leaving a Will is for your family to not experience the added emotional problem of dealing with anything you have left behind. Securing the necessary paperwork can be made possible through the help of a probate lawyer Chalfont PA.
When an individual passes away, his estate goes through a process managed in a court called a probate or estate administration. This is where the assets of the deceased are managed and distributed. If the assets of the deceased were put through a well drafted and properly funded living trust, then there is no need for this process. The successor would need to administer the distribution of the assets.
Each estate has a different specific procedure, but they all go through the same basic processes. A petition has to be given to the correct probate court. Should there exist an available Will, the heirs must receive a notice each. If there is none, notice need to be given to statutory heirs.
In the case of a will, a petition should be made to appoint the Executor or Administrator. Some companies would need a documentation certifying the Executor of Estate before any legal procedure is done. This is often required in banks and insurance companies involving financial matters and confidential information of the deceased member.
An Executor or Administrator would then file the inventory and also the appraisal of assets. The debt also has to be paid to its rightful creditors. They also process the sale of assets. If ever applicable, its tax should also be paid. Finally, there would be the distribution of assets to the heirs.
If there is an objection, also known as a will contest, then he needs to have legal standing to raise an objection. This is incredibly costly to litigate but is a fairly common occurrence. This could be disputes over tangible distributions or a fight over who should be designated as the Executor.
There are also things that do not necessarily go through this process such as properties which you are the joint tenant with right of survivorship. The retirement accounts with beneficiaries such as in IRA and 401k no longer go through the same process too. Life insurance, banking accounts having Pay On Death status, and living trust properties also do not undergo probate.
The expenses incurred during the probate process can vary significantly depending on several factors like the value and complexity of the assets, the existence of a Will, and the location of real property. This can take months or years to settle, but an experience lawyer knows everything that needs to done in a timely manner. It would be crucial to have a last will and testament before passing so your loved ones would be secure.
One of the biggest ordeal that a person has to face in life is losing a family member or a loved one. The importance of leaving a Will is for your family to not experience the added emotional problem of dealing with anything you have left behind. Securing the necessary paperwork can be made possible through the help of a probate lawyer Chalfont PA.
When an individual passes away, his estate goes through a process managed in a court called a probate or estate administration. This is where the assets of the deceased are managed and distributed. If the assets of the deceased were put through a well drafted and properly funded living trust, then there is no need for this process. The successor would need to administer the distribution of the assets.
Each estate has a different specific procedure, but they all go through the same basic processes. A petition has to be given to the correct probate court. Should there exist an available Will, the heirs must receive a notice each. If there is none, notice need to be given to statutory heirs.
In the case of a will, a petition should be made to appoint the Executor or Administrator. Some companies would need a documentation certifying the Executor of Estate before any legal procedure is done. This is often required in banks and insurance companies involving financial matters and confidential information of the deceased member.
An Executor or Administrator would then file the inventory and also the appraisal of assets. The debt also has to be paid to its rightful creditors. They also process the sale of assets. If ever applicable, its tax should also be paid. Finally, there would be the distribution of assets to the heirs.
If there is an objection, also known as a will contest, then he needs to have legal standing to raise an objection. This is incredibly costly to litigate but is a fairly common occurrence. This could be disputes over tangible distributions or a fight over who should be designated as the Executor.
There are also things that do not necessarily go through this process such as properties which you are the joint tenant with right of survivorship. The retirement accounts with beneficiaries such as in IRA and 401k no longer go through the same process too. Life insurance, banking accounts having Pay On Death status, and living trust properties also do not undergo probate.
The expenses incurred during the probate process can vary significantly depending on several factors like the value and complexity of the assets, the existence of a Will, and the location of real property. This can take months or years to settle, but an experience lawyer knows everything that needs to done in a timely manner. It would be crucial to have a last will and testament before passing so your loved ones would be secure.
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