Have you recently lost a loved one? Need to deal with the probate process, but not sure where to start? Not sure if and when you should hire a lawyer?
The probate process can be a tricky thing. Especially when taxes and family conflict comes into play. We’re here to help you through your probate problems.
WHAT IS PROBATE? Probate is a legal process that occurs after a person has died. In it, the validity of the deceased person’s Will is verified, and someone, family or friend, is appointed as the Personal Representative of the estate, whose job it is to manage the estate and distribute assets to anyone named in the Will. If there is no Will, the probate process is used to determine to whom and in what amounts the decedent's assets should be distributed.
Probate is a catch-all term that covers the legal process, the court in which the issue is handled, as well as the act of distributing any of the decedent’s assets. The probate process covers every aspect of estate administration, including:
* Validating the deceased person’s Will
* Appointing a Personal Representative
* Inventorying and appraising the worth of all assets in the estate
* Paying any applicable taxes and debts
* Identifying all beneficiaries or heirs and distributing assets
This process generally begins after the decedent’s representative files a petition in the court. It ends when the court officially closes the estate.
THE LAWYER'S ROLE. The estate's lawyer advises the Personal Representative or one or more beneficiaries of a decedent’s estate. Their day-to-day-responsibilities can vary greatly depending on the state probate laws and based on whether this person passed away with or without a Will.
A lawyer can assist with a variety of responsibilities throughout the probate process. They can help identify and secure assets and help obtain appraisals any of the decedent’s property. They can also ensure that any documents required by the court are filed in a timely fashion. Beyond that, they can advise on the payment of the decedent’s bills and outstanding debts, and keep track of the estate’s checking accounts. They can also manage the payment of any relevant estate and inheritance taxes, and make sure any income tax issues are addressed. A lawyer can also assist with settling disputes between beneficiaries and Personal Representatives, the sale of any estate property, and distributing the decedent’s assets among beneficiaries. In short, lawyer can assist with a wide range of responsibilities throughout the probate process. They can take what is an easily overwhelming process and make it simpler and stress-free.
WHEN YOU NEED TO HIRE A LAWYER. Now that you know what a probate lawyer is, you’re probably wondering if and when you’d need one for your probate issue. Here are some questions you can ask yourself to determine if you need a probate lawyer.
(1) Can the Deceased Party’s Assets Be Transferred Outside of Probate?
If the decedent planned their estate properly in advance, you may not need to handle estate issues in a court setting. Common assets like joint tenancy and "transfer on death" accounts can often be handled outside of probate court. It can also be unnecessary for any assets in which the deceased party has been named a beneficiary.
(2) Is the Estate Big Enough to Pay Off All Existing Debts?
If you realize the estate isn’t large enough to pay off these bills, you should contact a lawyer to help you figure out how to pay those off. Under no circumstances should you pay off these other debts without consulting a lawyer in advance.
(3) Does the Estate Owe Federal Estate Taxes?
Most estates aren’t required to pay federal estate taxes. If the estate is large enough to owe estate taxes, you want a lawyer who is familiar with that process to assist you.
WHAT TO DO WHEN WORKING WITH YOUR LAWYER. Hiring a lawyer can really help you navigate the probate process in the smoothest way possible. But there are some things you’ll need to do to make the process as productive as possible.
* Provide your lawyer with all necessary documents (such as the will, deeds, insurance policies, and tax returns)
* Ask any questions you have in advance and communicate often
* Stay on top of your case
FIGURING OUT THE PROBATE PROCESS. Dealing the death of a loved one can be sad and complicated, especially if there’s an estate involved. A lawyer can walk you through the probate process and make you feel secure during a stressful time.
If you've been named Personal Representative of a loved one's estate and have questions about the probate process, give us a call at 253.858.5434 to see how we can be of service.