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 the event that a person suffers from a terminal illness, probate may be a simple process as all the legal issues may have been handled before the person's death. However, if there is an unexpected death, the issues related to the estate may become much more difficult. This applies if the person dies without drafting a will.
If a simple will is at hand, the process becomes very easy. This applies if there is a single beneficiary, common assets, such as a house, life insurance policies and bank accounts are listed. In this case it may not be necessary for the appointment of an attorney. The one factor to bear in mind is that there are estate and duties issues that have to be handled and this may make the process too complicated for a layperson to settle.
The lawyer has to be prepared to handle several issues. He should have the knowledge to minimize the taxes due by the estate. This ensures that the beneficiaries receive the bulk of the estate, rather than it being paid to the government. The attorney needs to handle the transfer of the deceased's real estate title.
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.
There are times when the will may be contested and this can create massive problems. This often happens when children or a former spouse have an interest in the finances of the estate. In cases where a child or spouse may have been excluded from the will or they feel that they have not been treated equally, they can contest the will. When bequeaths have been made to non-profit associations, the other beneficiaries may decide to contest the clause.
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.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
In the event that a person suffers from a terminal illness, probate may be a simple process as all the legal issues may have been handled before the person's death. However, if there is an unexpected death, the issues related to the estate may become much more difficult. This applies if the person dies without drafting a will.
If a simple will is at hand, the process becomes very easy. This applies if there is a single beneficiary, common assets, such as a house, life insurance policies and bank accounts are listed. In this case it may not be necessary for the appointment of an attorney. The one factor to bear in mind is that there are estate and duties issues that have to be handled and this may make the process too complicated for a layperson to settle.
The lawyer has to be prepared to handle several issues. He should have the knowledge to minimize the taxes due by the estate. This ensures that the beneficiaries receive the bulk of the estate, rather than it being paid to the government. The attorney needs to handle the transfer of the deceased's real estate title.
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.
There are times when the will may be contested and this can create massive problems. This often happens when children or a former spouse have an interest in the finances of the estate. In cases where a child or spouse may have been excluded from the will or they feel that they have not been treated equally, they can contest the will. When bequeaths have been made to non-profit associations, the other beneficiaries may decide to contest the clause.
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.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
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