Probate attorneys, also known as estate lawyers, trust lawyers, probate lawyers, are licensed attorneys who help executives and beneficiaries in settling financial affairs of a family. Licensed probate lawyers are usually experienced in estate laws. As a result, their legal guidance will allow the executors and beneficiaries in settling various complex financial affairs after the death of the individual. It is not necessary to have a probate attorney or estate attorney to settle financial affairs. It can be done with the help of trust as well. If a trust is involved or was appointed in the family estate planning, then the financial assets and investments can easily be transferred to the next generation without the need or interference of a probate lawyer. There is no need for legal proceedings if a trust is involved in the family estate planning. It is also a good way to cut costs as probate attorneys charge a hefty amount for their services.
A probate lawyer looks over the following things.
The various roles of a probate lawyer –
A probate lawyer helps in securing estate assets. He also makes sure that no taxes are due. He helps prepare and file documents that will be required in probate court. He acts as a legal advisor for the beneficiaries and the administrator. He helps in transferring assets to the beneficiaries. They also help in settling debts and resolving income tax issues. They can also offer their services during family estate planning. They can provide their legal guidance during the whole process of drafting wills and trusts. Family estate planning helps secure the financial future of the deceased person’s loved ones. It provides a sense of financial safety and security.
Whether you need a probate lawyer or not will depend on how big your estate is. Usually, wealthy people with large assets and investments require a probate lawyer because the distribution of such large assets between family members is complex. If the estate is small, then it is probably best that you avoid hiring a probate lawyer because they charge ridiculous amounts of money and if you can afford that money then go for it.
Suppose a will was present, then the probate lawyer will be used for advising beneficiaries on legal matters. The will can be challenged by the beneficiaries but generally, the probate process goes smoothly when a will is present.
In case, a will does not exist or the person died before the drafting of a will, then the probate lawyer will have to distribute the assets according to the estate laws. In such a scenario, the state/probate court will interfere to represent the best interest of the family. These laws vary from state to state. There is also an option of renunciation. Renunciation allows any family member who wants to become an administrator the chance to convince their family members to renounce their shares. If they agree to renounce their shares, then that person will become the sole administrator.