Probate attorney is a legal process where the statute follows the will of the deceased person to distribute assets. The asset distribution takes place amongst the heirs of the departed person, as per his/her final will. Similarly, the probate process involves taking care of the debts associated with the deceased person.
After someone’s death, the court appoints a person nominated in the person’s will, or someone as per the state’s law. This is the case if there is no will to administer the probate process. The process entails collecting the assets, identifying any debts under the deceased person’s name; which are then distributed among the beneficiaries. Thus, the probate process’ essence lies in transferring the estate ownership from the decedent to the beneficiaries.
This article will share with you some of the essential processes and players associated with the probate.
How Does Probate Work?
Gathering the Documents
First and foremost, the process begins with collecting the documents such as the deceased person’s will and death certificate. Later on, the probate court accepts these legal documents down the road. Moreover, the executor or personal representative nominated in the Will or an interested person for someone who dies without a will, may hire a probate lawyers to help him with the probate processes.
Gathering the Assets
Gathering of the assets takes place to determine the value associated with each item. Assets may include property, investment accounts, retirement assets, bonds, cash, bank balances, and other valuable items.
Informing creditors takes place after the inception of formal probate proceedings. Creditors include contractors, mortgage companies, credit card companies, individual parties, etc who are notified about the proceeding. Generally, the creditors are alerted via a news published in the local newspaper.
Distribution of the Assets
The assets are distributed among the heirs once all the documents are reviewed, assets are gathered and valued, and creditors are paid off or objected to. However, it is essential to consider that each state has its specific laws concerning probate.
The leading players during the probate process include;
- The Executor or Personal Representative
- Estate or Probate Attorney
- The Beneficiaries
- A judge
Costs Associated with Probate
The total cost concerning probate proceedings varies due to a number of factors, but the two significant factors include the state’s laws and estate value. In general, the costs are approximately 3% to 7% of the estate value. However, Avoiding the whole process can help preserve more of the estate for the heirs. Mandatory fees comprises of:
- The Attorney Fees
- Executor or Personal Representative Compensation
- Court Fees
- Other Fees may include tax preparation, selling property, and fees for litigation
If you are looking for probate attorneys, visit our website Kania Elder Law, get yourself connected with our probate lawyers and let us know about your situation.
Are you looking for professionals that can help you with your probate proceedings? Schedule an appointment with us today, so that we may help you in your troubling times tomorrow.