When an individual dies and they have a will in place, there is sometimes a false perception of how the assets are disbursed. For instance, there is this belief that shortly after the passing, an attorney reads the will and each person walks away with their share immediately after. Yet, this is not how this scenario plays out in the real world. Some processes must take place first.
Locating Beneficiaries
Generally, an earnest effort must be made to locate all beneficiaries of the estate before the will is read and its terms are executed. The longer this process takes, the longer it can take to execute the will. However, family and friends can do their part to locate long-lost individuals listed as beneficiaries if they have any information.
Will Contesting
The deceased outlines their wants in the will, but it does not mean that everyone left behind is fully onboard with their terms. States allow individuals that are listed as beneficiaries, as well as non-listed beneficiaries, to file a contest to the will if they are in disagreement with its terms. Keep in mind this process can take a great deal of time to sort through, possibly years.
Debts
If the estate has any debts to creditors that are owed, before the assets listed in the will can be disbursed, an effort must be made to make payment to these creditors. Before paying the debt, it must be validated, and the creditor must respond to the payment inquiry within a certain amount of time.
Estate Taxes
Some estates are also required to pay estate taxes on both the federal and state level. Similar to debts, the law requires that these taxes be paid before the assets are disbursed. The value of the estate and to whom the assets are left, such as a legal spouse versus a child, will impact the taxation process.
Swifter Finalizing
A probate attorney can help you move through these processes faster. Whether it is using their investigative skills to locate all the beneficiaries, safeguarding the will against frivolous contests, promptly validating debts, and sorting through complicated tax guidelines, an attorney can help facilitate the execution of the will faster. As a result, the process will be smoother for your entire family.
Your specific situation will largely impact how quickly the items in the last will and testament are executed but remember that an attorney can help. Contact a local probate attorney if you need assistance.
Share4 August 2021
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