The Importance of Probate Attorneys
A probate attorney is an essential part of the estate planning process. Executors and administrators have significant legal responsibilities during probate, and mistakes can expose them to personal liability.
Even though probate is a fairly common proceeding, it shouldn’t be taken lightly. Click Here to learn some of the few reasons why you may want to consider hiring a probate lawyer.
When a loved one dies, it can be a time of great stress for families. They must manage their grief and loss while also addressing legal and financial concerns. A probate attorney can help ease the transition and ensure that the estate’s wishes are carried out properly.
The executor of an estate is the person named in a will or appointed by the court to oversee the estate settling process. They have the responsibility and authority to identify and appraise assets, pay bills and taxes, and distribute any remaining funds to beneficiaries or heirs. They must also notify creditors and may need to sell off assets to pay debts if necessary. They may also need to handle checking accounts and collect proceeds from life insurance policies.
Disputes can arise during the probate process, including claims by creditors and challenges to the validity of a will. A probate lawyer is skilled in negotiating and resolving disputes to keep the estate moving as smoothly as possible.
A probate attorney can also draft contracts for the sale or transfer of property. For example, if two siblings inherit a family home and both want to live there, they will need a contract to make the sale legally binding. They can also prepare tax returns and assist with the management of an estate’s bank accounts.
To become a probate attorney, you need to obtain a law degree from an accredited law school and pass the LSAT exam. It’s best to study for the exam well in advance, and join a study group to stay motivated. Consider joining a law school that offers a clinical program to gain hands-on experience in the practice of estate planning.
Disputes with Beneficiaries
When a person passes away, they often leave behind estate assets that have to be shared with beneficiaries. This sharing usually occurs per the stipulations of the deceased’s will and sometimes also in accordance with state laws. These assets can include bank accounts, retirement accounts, life insurance policies and more.
The trustees charged with administering these assets are often required to distribute them fairly and equitably to the beneficiary group. But this can be a challenging task, especially when certain beneficiaries do not see eye-to-eye. This can lead to strained relationships that can eventually lead to litigation.
It is common for disputes between beneficiaries to involve issues such as disputed wills, trust contests, spousal inheritance rights and other issues that may require court intervention. These types of matters are often a source of stress for the estate executors and administrators as well as the beneficiaries themselves.
A dispute between the beneficiaries and the executors/administrators can also arise when there is a disagreement on what the executors/administrators are doing or suggestions that they are acting for their own personal financial gain. These types of issues typically involve complex legal matters and often require the services of a Manhattan estate litigation lawyer.
In addition, probate attorneys are often needed to help with the closing and selling of business or transfer of ownership. This can be especially important when the deceased owns a family-owned business and the trustees decide to sell it or transition the ownership. A professional probate attorney can help draft contracts and other documents for these transactions. They can also provide assistance with the filing of taxes for the business and help to make sure all paperwork is filed on time.
Taxes
A Probate Attorney can help with the administration of a deceased person’s estate. This is often a complex process that involves dealing with property and assets and paying debts and taxes. It can also take a long time to complete. A probate lawyer can help with the filing of all required paperwork and meeting statutory requirements for notice.
An estate planning attorney is another type of lawyer. These attorneys typically draft legal documents for their clients while they are still alive. They can draft wills, powers of attorney, and trusts. They can also help resolve legal issues that might arise in the future, such as the need to make medical decisions for someone who is incapacitated.
Probate is a process that determines whether a deceased person’s property and assets are distributed according to his or her will and the laws of the state. It is a complicated process that can be lengthy and expensive. Having a good probate lawyer can save the estate and beneficiaries time and money.
Probate lawyers can help with all aspects of probate, including marshaling assets, paying debts and taxes, and distributing the estate to beneficiaries. They can also handle other issues that may arise during the process, such as disputes between family members or beneficiaries. They can also prepare tax returns, such as the federal and state estate tax return. They can also assist with ancillary probates when there is property that is owned in multiple states. They can file a Petition for Summary Administration with the court to shorten the proceedings.
Contracts
As the saying goes, “you can’t take it with you.” Upon death, however, your home, car, bank accounts, cabin, collection of antiques and other assets need to go somewhere. The most common way these assets are transferred is through the probate process if you have a will and via an administration of the estate if you die without one.
Probate Attorneys (also known as Estate Attorneys) help non-lawyer clients fulfill their role as administrators, personal representatives or executors of an estate. Their job is to work with an estate through the court process of probate, which includes paying the deceased’s debts and distributing the assets according to the terms of the will or state law.
While probate can be a simple process, some estates require the services of an experienced lawyer. Probate Attorneys can help navigate legal terminologies and nuances, minimize disputes between family members or beneficiaries named in the will and settle any tax issues.
A Probate Lawyer’s fee structure may vary, depending on the size and complexity of the estate. Some attorneys charge an hourly rate; others charge a flat fee for their services. In general, those with more experience tend to charge more for their services. In addition, the location in which a lawyer practices also impacts how much they charge. Clients should request a written fee agreement to understand the payment schedule and services offered fully. Regardless of the fee structure, it’s best to seek an estimate before hiring a lawyer. This allows you to compare fees and find the most affordable option. In many cases, probate attorneys will be happy to negotiate with clients. They may even offer a discount for prompt payments.
Business Ownership
In addition to dealing with estate taxes, property sales, and other issues that can arise during probate, many clients have questions about how business ownership will be handled after their death. We work with our clients to establish tax efficient and secure strategies that can transfer controlling interests or beneficial interests in businesses to beneficiaries without the need for court supervision and outside of the probate process.
The type of legal structure a business will take will determine how it is taxed and how easy it is to raise capital. There are four main types of business ownership: sole proprietorship, partnership, limited liability company, and corporation. Each has its own advantages and disadvantages. We can help you decide which one is best for your business model.
As executors of an estate, our clients have a great deal of responsibility to ensure that assets are properly distributed to heirs according to state laws and the instructions in a will. Sometimes, disputes can arise during this process. Beneficiaries may believe the will is invalid, or that they were wrongly left out of the distribution. In other cases, family members may file a lawsuit to regain control of the estate or assets.
When these disputes arise, a probate lawyer can handle the legal proceedings and arbitration required to resolve them. Our attorneys are well-versed in this area of law and can quickly identify the legal options available to resolve conflicts. We can also help clients avoid litigation by transferring their assets into trusts, which can manage and distribute the assets of an estate outside the reach of probate courts. Contact us today for more information about our services.
