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The processing of a deceased estate involves several issues. Probate is the procedure where the will of a deceased person is executed legally. It includes the assessment of the estate's assets and the settlement of creditors and relevant taxes. To fulfill these requirements, it may be necessary to appoint a probate attorney Midland TX.
In cases where the deceased had suffered a terminal illness, the legal requirements may have been sorted beforehand and a probate could become a very simple process. However, in the event of an unexpected death, the estate may become slightly more difficult to finalize. This is especially so if the person died without a legal will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
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.
Certain wills may name a probate attorney as the executor of the estate. This means that it is the lawyer's duty to handle the physical distribution of the assets. For this, the lawyer will normally receive a nominal fee. The fee may be a specified amount or a percentage of the overall value of the estate.
There are many people who do not want to draft a will as it acts as a reminder of their mortality. In view of the complexity of probate law and the problems that may be faced by beneficiaries, it is in everyone's best interest to draft a will. A probate attorney can assist with this process. This will ensure that the will is drafted in accordance with the law. Any possible legal complications will be noted and the attorney can offer advice as to the best method of drafting a will and how it will be handled during the estate settlement.
In cases where the deceased had suffered a terminal illness, the legal requirements may have been sorted beforehand and a probate could become a very simple process. However, in the event of an unexpected death, the estate may become slightly more difficult to finalize. This is especially so if the person died without a legal will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
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.
Certain wills may name a probate attorney as the executor of the estate. This means that it is the lawyer's duty to handle the physical distribution of the assets. For this, the lawyer will normally receive a nominal fee. The fee may be a specified amount or a percentage of the overall value of the estate.
There are many people who do not want to draft a will as it acts as a reminder of their mortality. In view of the complexity of probate law and the problems that may be faced by beneficiaries, it is in everyone's best interest to draft a will. A probate attorney can assist with this process. This will ensure that the will is drafted in accordance with the law. Any possible legal complications will be noted and the attorney can offer advice as to the best method of drafting a will and how it will be handled during the estate settlement.
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