When loved ones die, people will feel different emotions. Because of this, it can be pretty challenging for them to think clearly in the days that follow. It may be true if they are involved in a probate process. It will include settling the debts of the dead person, distributing valuable assets to different beneficiaries, as well as other tasks related to this matter.
If individuals try to do this without any help, they will immediately become overwhelmed with tons of information or details. That is why it is always best to enlist a reputable and experienced probate attorney. By doing this, they will receive the necessary legal guidance from lawyers who specialize in probate processes and planning. While a lot of ways a lawyer experienced in this matter can help, here are some essential ways estate planning professionals can help make people’s lives a lot easier after their loved ones die.
For more information about the basics of estate planning, visit this site for more details.
What are probate lawyers?
These professionals, who are also called estate lawyers or trust attorneys, handle a lot of vital tasks for their clients after the passing of their loved ones. Their primary task is to help administrators or executors complete the estate planning and probate process with as few mistakes or difficulties as possible. If a person dies without a last will and testament, the individual placed in charge of their fortune will be known as an executor. In some instances, lawyers will actually serve as the administrator or executor of the estate.
Not only that, but the lawyer can also help with areas associated with planning, such as drafting the last will and testament or providing the necessary advice on a question about POA or Power of Attorney. In case family members or heirs have questions regarding the process and how it may affect the estate of their loved ones, never hesitate to ask the help of a lawyer you trust for the necessary advice.
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Manage and collect life insurance revenue
When people die, the first thing that will happen will be the paying of benefits from life insurance policies to the dead person’s heirs or beneficiaries. While it may sound pretty simple, it is usually anything but that. Since there are tons of life insurance policies the deceased person can hold, managing and collecting the proceeds can be complicated and may take a lot of time and energy. Not only that, in case there are conflicts that need to be resolved or questions that need answers, the probate attorney can helve resolve these conflicts and provide solutions to these questions.
Getting an appraisal of the property
Before every asset can be appropriately allocated to beneficiaries or heirs, the probate court will require an appraisal be done on the dead person’s assets. Since there is a big chance that the administrator or executor will have little to no idea of the value of these assets like real estate properties, bonds, or stocks associated with the estate, the appraisal will be an essential part of the process when it comes to paying taxes, since these taxes that are owed to the state will need to be based on the accurate determination of the asset’s value.
Finding and securing assets of heir or descendant
Depending on the estate’s scope and size, the estate planning attorney in Contra Costa County, CA area can be influential in helping an administrator or executor find and secure every asset linked to the deceased person’s fortune. It can be a very challenging process than it sounds since the deceased individual may have more than one bank account, stocks and bonds, real estate in different parts of the country or world, and other valuable assets.
Not only that, if there are no last will and testament written before the person’s death, there is a big chance that multiple people will lay claim to parts of their fortune and possibly to a particular asset. Therefore, it is beneficial to all parties involved that every asset is located and secured to make sure proper distribution of the estate is in place.
Paying the deceased person’s settling debts and bills
Whenever an individual dies, there is a big chance that they left behind unpaid bills and settling debts. Whether these are credit card debts, mortgages, medical bills, or other debts and bills, these will usually always need to be paid out of the estate’s proceeds. But since it will take a lot of time before the property is settled, it may be vital to work out certain arrangements with the involved creditors.
While people may be able to do this by themselves as the estate’s administrator or executor, having a reputable probate lawyer with the right experience working on their behalf will make the job a lot easier. Having the legal counsel, negotiate payment arrangements with various creditors can usually provide the beneficiaries the time they needed to get the estate settled and gain access to the assets required to pay off debts and bills.
Managing and organizing the estate’s checkbook
If there is one thing people don’t want to see filled with errors while acting as administrator or executor of an estate, it is the property’s checkbook’s management. But if they try to manage it by themselves, there is a big chance that they may see one mistake after another because of their lack of experience and knowledge in this area.
That is why it is best to hire the services of a knowledgeable and experienced planning attorney to help manage the financial aspect of the process. Once an individual dies, people who may have been named in their last will and testament, as well as various creditors will be clamoring to settle the account as quickly as possible.
What happens to unpaid bills and debts after a person dies? Visit this site for more info.
Suppose the beneficiaries don’t have a lawyer handling the estate management and planning. In that case, they may pay heirs or beneficiaries more than they are entitled to, or perhaps underpay or overpay creditors. By hiring these kinds of lawyers, beneficiaries can be sure that every detail will be closely monitored and examined before distributing any money.