Tag: Estate planning

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Probate Law

The Impact of Hiring the Best Probate Attorney

 

When a loved one passes away, it is a difficult time for family members to process. There are many memories and emotions to deal with right after the death, but there is also a lot of paperwork and a complicated legal process to take care of. If the deceased left a will, a probate attorney can help simplify the process and ensure that all assets are distributed according to the wishes of the deceased. Choosing the best Probate Attorney can be challenging. However, if you take the time to research and hire an experienced attorney, it will make the process easier for you.

During the probate process, an estate lawyer can provide a variety of services, including filing petitions with the court, collecting and valuing all assets as of the date of death, drafting tax elections and filings, resolving any creditor claims against the estate, assisting with the sale of personal property, obtaining life insurance proceeds, and distributing the final inheritance to beneficiaries. Depending on the complexity of the case, some lawyers may offer a full range of probate services, while others specialize in specific aspects of the case.

Some attorneys charge an hourly rate, while others charge a flat fee for handling the case. The amount of time the case takes to resolve will also affect how much it will cost. It is a good idea to discuss these fees with an attorney before you sign any contracts. Some probate lawyers may be willing to negotiate the terms of their agreement, particularly if they have extensive experience with the type of case you are dealing with.

A good probate attorney will be able to explain the ins and outs of the probate process and provide you with information about how long it might take to resolve the case. They will also be able to advise you on any alternatives to probate, such as trust administration or living trusts. Click here to find one for you.

You can also find a reputable probate attorney by asking for recommendations from friends and family members who have experienced similar situations. In addition, you can visit online forums and social media to find a lawyer that is best suited to your needs.

If you are not interested in going through the probate process, you can avoid it completely by naming beneficiaries on your bank accounts, retirement account, and life insurance policies, or you can transfer your assets to a living trust while you are still alive. In any event, hiring a qualified New York Probate Attorney is essential to prevent unnecessary expenses and complications after your death.

Categories
Probate Law

What You Need To Know About Estate Planning

Purpose of Estate Planning. An estate plan is necessary before distribution of the estate takes place. Proper planning ensures that a person’s property will be administered properly and peacefully upon his death. Estate plan facilitates people preserve their wealth through making sure each asset is used to its maximum extent.

Controlling the distribution of assets. Estate plan enables one’s family, following the demise of the insured person, to divide the assets among its remaining heirs according to the wishes of the owner. Appropriate use of inheritance assets facilitates smooth administration of business as well as financial affairs of the beneficiary. The value of an estate plan is calculated on the basis of the current market value of each of the beneficiary’s assets. It also takes into consideration the future return of the assets to ensure it does not fall short during distribution.

 

Access to assets. Proper estate planning also ensures that its beneficiaries have access to their inheritance during life. Appropriate use of trust instruments or devise ways allows direct access to beneficiaries. This enhances safety of the assets and provides ease and convenience in dealing with diverse financial issues like tax, investments, and retirement.

 

Security of assets. Secure asset distribution facilitates easy management of large and small assets. A properly executed trust instrument provides protection for these assets. Making sure that only the intended beneficiaries can have access to inheritance properties permits smooth and convenient administration of large estates. This minimizes the possibility of abuse of the assets by some of the beneficiaries.

 

Distribution of estate planning. It is also important for minors and some disabled people to make use of proper estate planning. Probate of wills provides for distribution of the estate to beneficiaries who should be minors, incapacitated or minors who do not reside with their parents. For minors, estate planning with probate avoidance of probate will assure proper distribution of inheritance properties to avoid the extra taxes.

 

Making use of estate planning tools offers a great deal of benefits that go beyond individual estates and grantor estates. Estate planning with the help of a qualified attorney is effective in minimizing estate taxes, avoiding probate issues, avoiding extra administrative costs and securing property rights. These are some of the major advantages of utilizing estate planning strategies in dealing with real estate. Some other benefits include making tax-efficient investments by developing tax-shortening strategies and minimizing tax liabilities through probate. The best estate planning attorneys are able to help you address many issues associated with estate planning such as, wills, trusts, probate and the real estate market. Click here to learn more about estate planning.