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.
In cases where the deceased had suffered a terminal illness, the legal requirements may have been sorted beforehand and a probate could become a very simple process. However, in the event of an unexpected death, the estate may become slightly more difficult to finalize. This is especially so if the person died without a legal will.
The process can be made very even if a simple will is drawn up. In cases where the will states a single beneficiary, lists the assets, such as a house, life insurance policies and cash accounts, there may not be a requirement to appoint a lawyer. However, although the distribution may be simple, the other legal issues, such as taxes, may be too complicated to be handled without the help of an attorney.
A suitable probate attorney should be willing to handle all the necessary issues. The practitioner needs to have practical knowledge of ways in which to minimize taxes payable. This allows the beneficiaries to receive most of the value of the estate, rather than it going to the government. The transfer of any real estate titles need to be transferred.
In the event that a minor child is left an orphan, the lawyer needs to handle any problems with guardianship. There are issues, such as dealing with creditors and possible insolvency that needs to be settled.
In cases where the will is contested, there may be bigger issues. This occurs when children or a former spouse, show a financial interest in the deceased's estate. If the spouse or offspring are excluded from the process or they have not received as much as others, they have a right to contest the will. In cases where parts of the estate have been bequeathed to non-profit associations, family members may choose to fight it.
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.
Most people do not want a constant reminder of their mortality and choose not to draft a will. The complexities involved in settling an estate without a will and the problems it could cause beneficiaries, should prompt everyone to draft a will. You can use a probate attorney to aid in this process. This will ensure that your will is legally binding. You will receive information and advice regarding the best way in which to draft the will and details on how it will be handled upon your death.
In cases where the deceased had suffered a terminal illness, the legal requirements may have been sorted beforehand and a probate could become a very simple process. However, in the event of an unexpected death, the estate may become slightly more difficult to finalize. This is especially so if the person died without a legal will.
The process can be made very even if a simple will is drawn up. In cases where the will states a single beneficiary, lists the assets, such as a house, life insurance policies and cash accounts, there may not be a requirement to appoint a lawyer. However, although the distribution may be simple, the other legal issues, such as taxes, may be too complicated to be handled without the help of an attorney.
A suitable probate attorney should be willing to handle all the necessary issues. The practitioner needs to have practical knowledge of ways in which to minimize taxes payable. This allows the beneficiaries to receive most of the value of the estate, rather than it going to the government. The transfer of any real estate titles need to be transferred.
In the event that a minor child is left an orphan, the lawyer needs to handle any problems with guardianship. There are issues, such as dealing with creditors and possible insolvency that needs to be settled.
In cases where the will is contested, there may be bigger issues. This occurs when children or a former spouse, show a financial interest in the deceased's estate. If the spouse or offspring are excluded from the process or they have not received as much as others, they have a right to contest the will. In cases where parts of the estate have been bequeathed to non-profit associations, family members may choose to fight it.
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.
Most people do not want a constant reminder of their mortality and choose not to draft a will. The complexities involved in settling an estate without a will and the problems it could cause beneficiaries, should prompt everyone to draft a will. You can use a probate attorney to aid in this process. This will ensure that your will is legally binding. You will receive information and advice regarding the best way in which to draft the will and details on how it will be handled upon your death.
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