Probate proceedings, if required, typically get underway quickly after a death. Probate is often a drawn-out and expensive ordeal. Although certain family members may be able to handle it on their own, the process usually needs to be more complicated and time-consuming to be handled by family members without the assistance of a Lakeland probate attorney. Coupled with losing a loved one, it can be too much to bear.
What a Probate Lawyer Does
Hiring a lawyer with experience in probate law is usually the best action when settling a decedent’s Estate. Probate lawyers are hired to assist the heirs and beneficiaries of an estate with the probate procedure, including locating an executor if one is needed. Attorneys specializing in probate law are often called upon to do such tasks as finding and appraising estate assets, settling any outstanding debts, preparing final accountings, and distributing assets to beneficiaries.
The Probate Fees are as follows:
Probate costs are, in a nutshell, situational. Probate court filing fees and attorneys’ fees vary by state and may be set by the hour or as a percentage of the Estate’s value. The procedure may go smoothly, but lawyers are usually needed to help navigate the inevitable bumps in the road.
Figuring Out What to Do Next.
If a loved one has left an estate plan, the plan will dictate what happens after their passing. Probate is typically required when there is a will (but it can also be necessary when there is no will). Probate administration is usually required unless the deceased person has a fully funded trust and beneficiaries specified on all accounts.
A probate attorney’s typical role is to help the executor and beneficiaries get the executor’s appointment from the probate court and subsequently to guide on the following matters:
- Gain access to the money from a life insurance policy.
- The process of calculating and paying income, Estate, and inheritance taxes. This may involve working with a certified public accountant (CPA) and drafting tax returns.
- Documenting all of the Estate’s possessions
- Establishing and supervising the Estate’s checking account
- Getting property, jewels, art, etc., appraised as needed.
- Providing Aid to Recipients
- Final bills and debts must be paid.
- filing and preparing the necessary paperwork for the court
The process of re-titling all of the property
Additionally, a trust attorney may be retained to assist with trust administration following a person’s death if a trust is involved. Assets still titled in the decedent’s name must go through probate if the decedent did not “fill” the trust by titling all assets in the trust or having transfer or pay-on-death designations to the trust. When this occurs, a trust is often the beneficiary of all assets under the will. At such time, the trust will decide whether or not the assets will be distributed.
What Are the Benefits of Working with a Probate Lawyer?
The probate procedure is only sometimes straightforward. Lawyers specializing in probate law can be invaluable resources, providing advice and assistance throughout the process and alleviating some of its burdens. The efficiency and reduced anxiety of the probate process are directly proportional to the attorney’s experience level. While it’s true that any licensed attorney can technically handle probate matters, hiring one without competence in estate law could result in delays and increased costs. In addition, each judge and county has their preferences; therefore, familiarity with the procedures of the various courts is essential for a successful outcome.
Sometimes, a lawyer may need help to estimate how long the probate process will take. The ease with which the assets may be identified, valued, and the beneficiaries tracked down is a significant factor. Some delays may be out of your control. Beneficiary disputes are likely to cause substantial delays and lead to litigation.
Additionally, if the decedent did not leave a will, the assets would be distributed following state law, which may cause friction between family members. If everyone in the family is on board, an attorney can help provide advice and support.
In conclusion, a neutral probate attorney should be hired whether or not there is a will, and even if the Estate is not complex, to oversee the process and ensure that the estate plan and state law are followed.
