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.
If the person had suffered from a terminal illness, the process of probate may be simple as the legal issues may have been taken care of before the death of the person. However, if the death of the person is unexpected, the estate settlement issues may cause a problem. This is often the case if the person has died without leaving a will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
The lawyer has to be prepared to handle several issues. He should have the knowledge to minimize the taxes due by the estate. This ensures that the beneficiaries receive the bulk of the estate, rather than it being paid to the government. The attorney needs to handle the transfer of the deceased's real estate title.
If a minor child becomes an orphan due to the death, the attorney will have to handle guardianship. Other issues, such as potential insolvency and communicating with creditors, needs to be finalized.
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.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
If the person had suffered from a terminal illness, the process of probate may be simple as the legal issues may have been taken care of before the death of the person. However, if the death of the person is unexpected, the estate settlement issues may cause a problem. This is often the case if the person has died without leaving a will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
The lawyer has to be prepared to handle several issues. He should have the knowledge to minimize the taxes due by the estate. This ensures that the beneficiaries receive the bulk of the estate, rather than it being paid to the government. The attorney needs to handle the transfer of the deceased's real estate title.
If a minor child becomes an orphan due to the death, the attorney will have to handle guardianship. Other issues, such as potential insolvency and communicating with creditors, needs to be finalized.
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.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
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