subject: Probate Attorney: Estate Settlement and Inheritance Property [print this page] Probate Attorney: Estate Settlement and Inheritance Property
A probate attorney assists individuals in establishing estate planning strategies and assists heirs in estate settlement. Probate is a required protocol to validate wills, transfer property, and distribute inheritance property to legal heirs.
A Transactional probate attorney handles estate management duties such as opening probate cases and submitting decedent wills to the court. Transactional lawyers file legal documents according to probate law and assist probate executors as needed.
Probate litigators are attorneys that oversee estate management and make decisions on behalf of the estate. Probate litigators are often required to manage estates embroiled in family disputes; when heirs dispute the will; or fight over distribution of inheritance property. Litigators act as mediators and negotiate in the best interest of the estate.
When a will is contested the heir filing the claim is responsible for legal fees. If a judge rules in favor of the heir the estate is responsible for reimbursement of legal fees. Regardless if heirs win the case or not contesting the will ties up probated estates for months. This act oftentimes bankrupts estates and requires liquidation of valuable assets.
Probate real estate can be costly to maintain if asset-protection strategies are not in place. Real estate related expenses must be paid through the estate throughout the probate process. Common expenses include mortgage installments, insurance, taxes, and necessary maintenance. These expenses can quickly create financial hardship and force sale of the property.
When a person dies intestate (without executing a will) a probate case needs to be opened. This responsibility often rests with the surviving spouse or relative. Most people prefer to hire a probate attorney to help them through the process. Transactional lawyers are a good choice for managing intestate estates unless family contention exists.
Depending on the complexity of the estate, administrators may spend considerable time with their probate attorney. When possible interview three or more attorneys to determine which is best suited for you. It's never a good idea to hire a lawyer while grieving, but sometimes it can't be avoided. Try obtaining referrals from friends instead of searching for lawyers on your own.
Probate attorney fees are based on many factors such as estate value, inheritance property, if the estate is testate or intestate, and whether the will is contested. Probate laws can also play a role in how fees are determined. Legal fees might be charged at a hourly rate, flat fee, or percentage of estate value.
Legal fees can be minimized when probate personal representatives handle time-consuming duties. Nearly all aspects of estate settlement can be handled by executors as long as heirs remain in agreement. Probate executors are compensated for estate management and should maintain records of time spent working on estate related matters.
Settling probated estates can be stressful and time-consuming. When appointing an estate administrator, choose someone who is capable of working under pressure, organized, and good with finances. Most important, discuss your decision before including their name in the will. Estate management is an important position that many people prefer not to undertake.
Probate lawyers can help individuals establish estate planning strategies to avoid probate altogether. Common strategies include establishing irrevocable life insurance trusts and designating transfer-on-death beneficiaries.
