Upon someone’s death, money, assets, and any other personal belongings are distributed according to the decedent’s wishes. This legal process is formally designated as probate. It can be advantageous to enlist a lawyer's expertise during this process. When is it appropriate to hire a probate lawyer, and what factors should be considered before making such a choice?
Seeking the services of a probate attorney is beneficial in different circumstances, and typically, this depends on various factors related to a decedent’s estate and the complexity of laws. You may need a probate lawyer if:
The estate is complex, contested, or involves significant assets;
There are disputes or disagreements between beneficiaries or family members;
There is insufficient liquidity in assets to cover debts and taxes;
The will is contested, or its validity is questioned;
You’re not conversant with probate procedures and legal requirements.
Probate law firms or qualified attorneys managing such cases can reassure executors and beneficiaries that everything is handled legally and adequately.
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Your executor is responsible for carrying out the instructions set out in your will. The trustee of a trust established in a will and probate has a similar role, but for a much longer period. Usually, the trustee is in charge until all assets have been distributed. Co-executors or co-trustees can be family members, children, friends, or financial institutions.
Trustees are also typically given some discretion over trust funds and when beneficiaries are to receive distributions.
Executors and trustees have significant responsibilities despite their simple titles. As part of their final tasks, creditors must be paid or negotiated with, beneficiaries must be notified and paid, the final tax return must be filed, and investments need to be managed. These are all important responsibilities.
You will have to wait for your case to be resolved depending on the circumstances. Depending on factors such as whether and how vigorously the case is defended, the availability and quality of evidence, and the availability of the court, the timeline can be affected.
Any debts you have at the time of your death must be settled, regardless of whether you have a will or a trust (or neither). Your property may need to be sold to pay debts if your assets are not liquid. Trustees and executors can negotiate with creditors to repay debts over time, and often do.