When an individual passes away, the legal process known as probate comes into play. This process involves determining the validity of the deceased’s will and appointing an executor to manage the estate and distribute assets according to the will. If there is no will, the court decides how the assets will be distributed.
Guidance from Probate Lawyers on Assets
Probate is necessary for assets solely owned by the deceased, such as a car or property titled in their name. It also includes shared property interests, like investments with a sibling. These assets make up the probate estate, requiring the executor to engage a lawyer and initiate court proceedings if needed. If there is no will or designated executor, the court will appoint someone to handle the estate.
Assets Exempt from Probate
Certain assets do not go through probate if they were jointly owned or had specific planning to avoid the process. These non-probate assets include retirement accounts, properties in living trusts, securities with transfer-on-death designations, and more. They can be distributed without court involvement.
Role of Lawyers in Assisting Estate Executors
Probate lawyers support estate executors by identifying assets, preparing necessary documents, appraising properties, collecting insurance proceeds, and managing financial matters. They also handle tax issues, resolve disputes among beneficiaries, and ensure proper distribution of assets according to the will.
Benefits of Legal Guidance in Estate Matters
Lawyers with expertise in estates, wills, and trusts can provide valuable insights into probate and non-probate assets. They assist in estate planning, trust creation, and ensuring proper execution of the deceased’s wishes. Their knowledge and experience are crucial in navigating complex legal processes.
