When a loved one passes, the family has to disperse whatever assets the person left behind. If a will is in place, it makes it easier to decide how to divide property. If there are stocks, bonds, and numerous personal and real property assets, your loved one probably already had a lawyer who drew up a will and any other relevant paperwork. If this person is an experienced probate attorney, contacting her as soon as possible after the death of the family member is important.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
You will need the death certificate and will in hand to begin the probate process. It is a good idea to have an inventory list of the various assets held by the deceased. Your lawyer will need all this information for the initial consultation. If you are meeting with a new lawyer, this first meeting may be free of charge.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
You will need the death certificate and will in hand to begin the probate process. It is a good idea to have an inventory list of the various assets held by the deceased. Your lawyer will need all this information for the initial consultation. If you are meeting with a new lawyer, this first meeting may be free of charge.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
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