In short, a probate lawyer is a person who guides an executor or beneficiaries of a will during the probate process. Ideally, someone creates a will before they pass away to give direction on how their assets are distributed after death. However, according to CNBC, of people over the age of 55, only 18% have a durable power of attorney, a will, or advance health care directive. Let's dive into why it's important to have these legal elements in place and what a probate lawyer does.
Probate is a process that occurs after an individual's death. This is a legal process that assesses the will created by the deceased. The intent is to ensure the will is valid. Probate also occurs when an individual does not have a will. A probate attorney is a legal representative that settles the affairs and accounts of the deceased.
Typically, a member of the family files a petition with the court for probate. During the hearing, the judge assigns the responsibilities to the executor of the will. This is the time when a probate attorney is brought in to assist the executor. These responsibilities include reaching out to the beneficiaries. Next, there is a second hearing to ensure all of the items are completed. Finally, the estate is closed out and the transfers can begin.
There are many details to which a probate attorney attends during this process. If the deceased does not have an attorney, a probate attorney is assigned by the court. The probate attorney prepares and files all documents needed by the court. The attorney gets appraisals on the property of the deceased. In addition, they secure assets from the estate and collect monies from any life insurance. The probate attorney manages and maintains the checking account for the estate. Finally, the probate attorney determines if any debts, bills, or taxes need to be paid. Once that is done, the attorney makes the disbursements to all the beneficiaries.
The process of probate can add layers of stress to an already difficult time. However, probate is an important part of the process after someone passes. It is essential that you draft a will with an attorney prior to your death to help the probate process happen much more smoothly.
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