There are many issues that arise when a person dies and there is an estate to be processed. Probate is the process where a deceased person's will is legally executed. It involves the process of assessing the assets and paying the creditors and applicable taxes. A probate attorney Midland TX, a legal specialist in probate law, can assist with this process.
In the event that a person suffers from a terminal illness, probate may be a simple process as all the legal issues may have been handled before the person's death. However, if there is an unexpected death, the issues related to the estate may become much more difficult. This applies if the person dies without drafting a will.
The process can be made very even if a simple will is drawn up. In cases where the will states a single beneficiary, lists the assets, such as a house, life insurance policies and cash accounts, there may not be a requirement to appoint a lawyer. However, although the distribution may be simple, the other legal issues, such as taxes, may be too complicated to be handled without the help of an attorney.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
If the death has left a child an orphan, the attorney will have to handle all the issues related to guardianship. Issues, such as handling creditors or potential insolvency, need to be sorted by the lawyer.
In cases where the will is contested, there may be bigger issues. This occurs when children or a former spouse, show a financial interest in the deceased's estate. If the spouse or offspring are excluded from the process or they have not received as much as others, they have a right to contest the will. In cases where parts of the estate have been bequeathed to non-profit associations, family members may choose to fight it.
There are instances where a probate lawyer has been names as the executor of the estate. This implies that the lawyer will take charge of the physical distribution of assets. The attorney will be paid a fee for this service. The fee may be a stipulated amount or it may be calculated as a percentage of the estate's value.
Most people do not want a constant reminder of their mortality and choose not to draft a will. The complexities involved in settling an estate without a will and the problems it could cause beneficiaries, should prompt everyone to draft a will. You can use a probate attorney to aid in this process. This will ensure that your will is legally binding. You will receive information and advice regarding the best way in which to draft the will and details on how it will be handled upon your death.
In the event that a person suffers from a terminal illness, probate may be a simple process as all the legal issues may have been handled before the person's death. However, if there is an unexpected death, the issues related to the estate may become much more difficult. This applies if the person dies without drafting a will.
The process can be made very even if a simple will is drawn up. In cases where the will states a single beneficiary, lists the assets, such as a house, life insurance policies and cash accounts, there may not be a requirement to appoint a lawyer. However, although the distribution may be simple, the other legal issues, such as taxes, may be too complicated to be handled without the help of an attorney.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
If the death has left a child an orphan, the attorney will have to handle all the issues related to guardianship. Issues, such as handling creditors or potential insolvency, need to be sorted by the lawyer.
In cases where the will is contested, there may be bigger issues. This occurs when children or a former spouse, show a financial interest in the deceased's estate. If the spouse or offspring are excluded from the process or they have not received as much as others, they have a right to contest the will. In cases where parts of the estate have been bequeathed to non-profit associations, family members may choose to fight it.
There are instances where a probate lawyer has been names as the executor of the estate. This implies that the lawyer will take charge of the physical distribution of assets. The attorney will be paid a fee for this service. The fee may be a stipulated amount or it may be calculated as a percentage of the estate's value.
Most people do not want a constant reminder of their mortality and choose not to draft a will. The complexities involved in settling an estate without a will and the problems it could cause beneficiaries, should prompt everyone to draft a will. You can use a probate attorney to aid in this process. This will ensure that your will is legally binding. You will receive information and advice regarding the best way in which to draft the will and details on how it will be handled upon your death.
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