When a person dies, their estate must be probated to ensure that their assets are distributed according to their will. This process can be complex, and it’s important to work with a probate attorney who can help you through it.
A person will generally go through probate if they die with assets in their name alone. This includes property, bank accounts, investments, and other valuables. Probate is also necessary if the deceased person owns a business.
A probate court will oversee the probate process. A probate is a court order that appoints a personal representative to administer the estate of a deceased person. The personal representative is responsible for collecting the assets of the estate, paying debts and taxes, and distributing the remaining assets to the beneficiaries.
A trust is one form of distributing an estate. A trust is a legal arrangement in which a trustee manages property for the benefit of a beneficiary. A trustee is appointed to manage the assets in the trust, and distribute them according to the terms of the trust. Trusts can be used to avoid probate, minimize taxes, and protect assets from creditors.
The procedure of probate can frequently include a significant amount of laborious administrative, legal, and monetary effort. A will, or living trust, makes a challenging situation in one’s life a little less stressful for the loved ones. Having a will or living trust that specifies your final wishes simplifies the probate process. The most beneficial aspect is naming benefactors and an administrator in these agreements.
The first step in establishing probate is for someone to submit a petition in a probate court. After that, the court will issue a decree designating someone to act as the estate’s representative. The person chosen by the court becomes an administrator or executor if there’s no will and an executor where there is one.
A person is designated to carry out these responsibilities in the vast majority of wills. The personal representative’s responsibility is to ensure proper administration of a person’s estate. In many cases, the personal representative will retain the services of probate attorneys to aid in carrying out some of these responsibilities, which may include the transfer of assets, filing the deceased tax returns, court documents, and sale of assets, among several others.
Planning for retirement is an essential part of growing older. Although you should still enjoy your life, it’s essential that you at least think about the future and all the difficult decisions that go along with those topics. One tough decision that people too often refrain from making is writing their will.
Only 20% of people between the 30 and 39 years old currently have a written will, despite this being the age bracket for people most likely to start a family. Perhaps the main reason people aren’t writing wills is because they find it difficult to do so. Roughly 75% of survey respondents admit that they would be more likely to create their own will if there was an easier way to do so online. In addition to the actual probate process, here are a few important aspects to consider when it comes to your family’s future.
Work with a legal representative
Working with a team of estate planning legal representatives is essential when drafting a will. You want to make sure that you’re doing everything correctly and that your family will be protected in the future, but you don’t want to disclose all of your personal and financial information to just anyone. Make sure that you do plenty of research on teams of real estate lawyers and select the legal representatives who will assist you throughout the will writing process and beyond.
Know when to update your will
Although some people can go their entire lives without having to update their will, that’s not the case for everyone. If you go through any major life event (divorce, marriage, moving away from your kids, etc.), you might want to at least talk to your real estate lawyer and examine your will once again. Keep in mind, however, that the only version of your will that matters is the final one, so any previous versions would be considered null and void.
If you want to learn more about the importance of drafting a will as you grow older, or wish to speak to a team of estate planning real estate representatives, contact Garner and Conner today!