When an individual who has any kind of assets dies, the court has to approve the way in which they are disbursed. If the deceased has a valid will, it makes the process easier. Those with significant assets usually make plans well in advance of their death through lawyers of their own. If you find yourself in charge of making family decisions for the disbursement of a loved one's assets, you may need the services of a seasoned probate attorney to expedite the proceedings.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
You will need the death certificate and will in hand to begin the probate process. It is a good idea to have an inventory list of the various assets held by the deceased. Your lawyer will need all this information for the initial consultation. If you are meeting with a new lawyer, this first meeting may be free of charge.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
Being the executor of an estate can be time consuming and stressful. Most heirs don't know how to handle the legal aspects involved. An experienced lawyer can help make the process easier for families going through a difficult time.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
You will need the death certificate and will in hand to begin the probate process. It is a good idea to have an inventory list of the various assets held by the deceased. Your lawyer will need all this information for the initial consultation. If you are meeting with a new lawyer, this first meeting may be free of charge.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
Being the executor of an estate can be time consuming and stressful. Most heirs don't know how to handle the legal aspects involved. An experienced lawyer can help make the process easier for families going through a difficult time.
About the Author:
Find an overview of the benefits of consulting a probate attorney and more info about a knowledgeable lawyer at http://www.texastrustattorney.com right now.
No comments:
Post a Comment