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.
A suitable probate attorney should be willing to handle all the necessary issues. The practitioner needs to have practical knowledge of ways in which to minimize taxes payable. This allows the beneficiaries to receive most of the value of the estate, rather than it going to the government. The transfer of any real estate titles need to be transferred.
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.
There are times when the will may be contested and this can create massive problems. This often happens when children or a former spouse have an interest in the finances of the estate. In cases where a child or spouse may have been excluded from the will or they feel that they have not been treated equally, they can contest the will. When bequeaths have been made to non-profit associations, the other beneficiaries may decide to contest the clause.
There are incidences where a specific probate attorney has been named as the estate's executor. This means that the lawyer will manage the physical asset distribution. The lawyer will normally be paid a nominal fee to manage the distribution process. It may be a flat fee or it may be calculated as a percentage of the value of the estate.
There are many people who do not want to draft a will as it acts as a reminder of their mortality. In view of the complexity of probate law and the problems that may be faced by beneficiaries, it is in everyone's best interest to draft a will. A probate attorney can assist with this process. This will ensure that the will is drafted in accordance with the law. Any possible legal complications will be noted and the attorney can offer advice as to the best method of drafting a will and how it will be handled during the estate settlement.
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.
A suitable probate attorney should be willing to handle all the necessary issues. The practitioner needs to have practical knowledge of ways in which to minimize taxes payable. This allows the beneficiaries to receive most of the value of the estate, rather than it going to the government. The transfer of any real estate titles need to be transferred.
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.
There are times when the will may be contested and this can create massive problems. This often happens when children or a former spouse have an interest in the finances of the estate. In cases where a child or spouse may have been excluded from the will or they feel that they have not been treated equally, they can contest the will. When bequeaths have been made to non-profit associations, the other beneficiaries may decide to contest the clause.
There are incidences where a specific probate attorney has been named as the estate's executor. This means that the lawyer will manage the physical asset distribution. The lawyer will normally be paid a nominal fee to manage the distribution process. It may be a flat fee or it may be calculated as a percentage of the value of the estate.
There are many people who do not want to draft a will as it acts as a reminder of their mortality. In view of the complexity of probate law and the problems that may be faced by beneficiaries, it is in everyone's best interest to draft a will. A probate attorney can assist with this process. This will ensure that the will is drafted in accordance with the law. Any possible legal complications will be noted and the attorney can offer advice as to the best method of drafting a will and how it will be handled during the estate settlement.
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