Estate and probate law presents many challenges. These challenges are in place to protect people's rights, but they can force people to navigate the system to do seemingly simple things. It is wise to talk with a probate and estate attorney about any situation within the legal field. The following four people need to have that discussion soon.
Anyone Initially Writing a Will
Your initial version of your will tends to dictate what any later versions will look like. An attorney will have a boilerplate version of a will, and they can help you adjust it to your specific needs. This includes basic tasks like identifying valuable assets, naming beneficiaries, resolving outstanding obligations, and establishing an administration.
Those Who Need to Transfer Assets Quickly on Death
People who talk with probate lawyers while setting up their wills and other legal vehicles often do so because they're concerned about transferring money and assets quickly. Suppose your spouse has serious medical issues and needs money to handle day-to-day expenses. They may not be in a great position to get through a potentially prolonged probate process to get that money. An attorney can point you toward instruments that can transfer the money outside of probate, such as a trust or a payable-on-death benefit. This can make a huge difference if you're worried about a loved one getting by during a complex and possibly drawn-out legal situation.
Administrators
There are two types of administrators in the probate system. First, there are executors. An executor is a person explicitly identified in a will to serve the administrative role. Second, there are administrators. If the court has to appoint someone to serve the same role, this is who does the job.
In both cases, it's prudent to pay for probate lawyer services. An estate's administration has a fiduciary duty. A fiduciary is someone who legally must make every reasonable effort to maximize the benefits due to specific parties. Why does that matter? Suppose you are serving as an executor and need to take care of an older house while the court resolves the estate. If a court finds you negligent in caring for the house, the beneficiaries can sue you for damages.
Beneficiaries
As the previous section indicates, beneficiaries may need legal advice, too. If you want to bring a problem to a probate judge's attention, you should have professional counsel. Also, if you have questions about the handling of the assets or the estate's administration, you should start by talking with a probate lawyer.
Share10 April 2023
Several years ago. I found myself facing a suit as the result of a traffic accident. Fortunately, a friend knew a great car accident attorney who was willing to take my case. She represented me well and the suit was eventually dismissed. That woke me up to the fact I needed an attorney to call on for other matters. Fortunately, I found a family attorney who could help with everything from creating last wills and testaments to dealing with personal injury cases. Today, I feel prepared to take on any legal issue that could come along. The trick is to choose the right attorney. Keep reading and I'll share how I made decisions that are right for me. Hopefully those same ideas will help you find legal counsel that you can depend on.
