Working with Probate Lawyers During Estate Planning and Estate Settlement
Working with Probate Lawyers During Estate Planning and Estate Settlement
Probate lawyers play an integral part in helping clients develop estate planning strategies or settle probate estates. Individuals hire lawyers to assist with drafting their last will and to advise of strategies to ease transfer of inheritance property. Estate administrators often retain probate lawyers to assist with estate settlement duties.
Two types of probate lawyers exist transactional lawyers and probate litigators. Transactional attorneys handle matters related to establishing estate planning or settling estates. Probate litigators are usually required when family disputes arise over distribution of inheritance property or when heirs contest the last Will.
Estate executors typically work with Transactional lawyers during estate settlement. Attorneys can record the last Will and death certificate to open a probate case. If decedents do not execute a valid Will, Transactional lawyers can be appointed to settle the estate or assist in settlement matters to ensure the estate is settled according to state probate laws.
Some of the more common duties Transactional probate lawyers help with include: submitting notification letters to creditors; executing 'consent to transfer' documents for financial accounts; drafting affidavits for titled property transfers; and filing court documents.
Probate litigators are generally required when heirs contest the last will and testament or if lawsuits are filed against the estate during probate. They can also act as mediators if heirs dispute over inheritance assets.
Some probate lawyers are qualified to handle both transactional and probate litigation. When possible, it's best to consult with 3 or more attorneys to determine which is best suited for the needs of the estate.
It can be challenging to hire a lawyer to manage the estate of a loved one shortly after death. It can be helpful to retain the attorney who executed the decedent's last will and testament. However, estate administrators should strive to work with a probate lawyer whose personality is compatible.
Settling probate estates can be emotionally difficult. Working with a lawyer who expresses little compassion or interest in the decedent's estate can make the probate process nearly unbearable.
Being prepared prior to interviewing probate lawyers will make the process more efficient. Ask for a list of required documents when calling law firms to arrange consultations.
For estate settlement, lawyers will require pertinent information about the decedent including date of birth, date of death, and social security number. They will also need a copy of the last will, death certificate, list of personal belongings and titled property, property deeds, tax returns, and life insurance policies.
When real estate is involved, it is best to work with probate lawyers with experience in real estate law. Property transfers must be recorded through the court in order for heirs to take possession.
Estate planning strategies exist which allow individuals to avoid probate. The type of strategies used depends on estate value and type of property owned. Estates valued over $100,000 can be protected by a trust. Smaller estates can assign payable-on-death and transfer-on-death beneficiaries to financial accounts and titled property.
When scouting out legal counsel, consider asking friends or family for referrals. The Internet can be a good source for locating probate lawyers, as well as the American Bar Association website at abanet.org.
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Working with Probate Lawyers During Estate Planning and Estate Settlement Anaheim