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A probate lawyer specializes in preparing the last will and testament of a deceased individual. There are also disputes that happen during the disposition of the properties. In a sense, a probate lawyer also serves as an estate or a trust lawyer.
Losing a loved one is already big enough of an ordeal. The significance of having a Will would insure the family does not get any additional stress. The best thing that one can give to your loved ones as someday you would need to pass on and leave them behind is to secure the needed paperwork with the assistance of a probate lawyer Chalfont PA.
After an individual dies, his estate and assets gets processed through an estate or probate administration. These are then managed and distributed by the lawyers or designated individuals. These assets are preferably placed in a properly created and rightly funded living trust so a probate would not be needed in the first place. Only the successor would get to execute the proper distribution of the assets.
Each estate has a different specific procedure, but they all go through the same basic processes. A petition has to be given to the correct probate court. Should there exist an available Will, the heirs must receive a notice each. If there is none, notice need to be given to statutory heirs.
A petition should again be done to choose the Executor or Administrator. Certain companies with high security standards would require the representatives to provide an Executor of Estate document if the client already passed away and they still need to process some claims. This happens in insurance companies due to financial issues and confidential information.
The Executor or Administrator should prepare the inventory and appraisal of assets. Then the debts needs to be paid to rightful creditors. There is also the sale of assets. If applicable, all taxes need to be paid. Once everything is done, there would be a final distribution to heirs.
If there is an objection, also known as a will contest, then he needs to have legal standing to raise an objection. This is incredibly costly to litigate but is a fairly common occurrence. This could be disputes over tangible distributions or a fight over who should be designated as the Executor.
There are also things that do not necessarily go through this process such as properties which you are the joint tenant with right of survivorship. The retirement accounts with beneficiaries such as in IRA and 401k no longer go through the same process too. Life insurance, banking accounts having Pay On Death status, and living trust properties also do not undergo probate.
Costs incurred within the probate procedure can differ significantly due to several factors like complexity and value of the estate, having a Wlll, and the place of real property. This can last months or even reach years before it gets settled, but a good lawyer would know all he needs to do in a timely fashion. It is essential to have a last will and testament so your family would be secure.
Losing a loved one is already big enough of an ordeal. The significance of having a Will would insure the family does not get any additional stress. The best thing that one can give to your loved ones as someday you would need to pass on and leave them behind is to secure the needed paperwork with the assistance of a probate lawyer Chalfont PA.
After an individual dies, his estate and assets gets processed through an estate or probate administration. These are then managed and distributed by the lawyers or designated individuals. These assets are preferably placed in a properly created and rightly funded living trust so a probate would not be needed in the first place. Only the successor would get to execute the proper distribution of the assets.
Each estate has a different specific procedure, but they all go through the same basic processes. A petition has to be given to the correct probate court. Should there exist an available Will, the heirs must receive a notice each. If there is none, notice need to be given to statutory heirs.
A petition should again be done to choose the Executor or Administrator. Certain companies with high security standards would require the representatives to provide an Executor of Estate document if the client already passed away and they still need to process some claims. This happens in insurance companies due to financial issues and confidential information.
The Executor or Administrator should prepare the inventory and appraisal of assets. Then the debts needs to be paid to rightful creditors. There is also the sale of assets. If applicable, all taxes need to be paid. Once everything is done, there would be a final distribution to heirs.
If there is an objection, also known as a will contest, then he needs to have legal standing to raise an objection. This is incredibly costly to litigate but is a fairly common occurrence. This could be disputes over tangible distributions or a fight over who should be designated as the Executor.
There are also things that do not necessarily go through this process such as properties which you are the joint tenant with right of survivorship. The retirement accounts with beneficiaries such as in IRA and 401k no longer go through the same process too. Life insurance, banking accounts having Pay On Death status, and living trust properties also do not undergo probate.
Costs incurred within the probate procedure can differ significantly due to several factors like complexity and value of the estate, having a Wlll, and the place of real property. This can last months or even reach years before it gets settled, but a good lawyer would know all he needs to do in a timely fashion. It is essential to have a last will and testament so your family would be secure.
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