What Does A Probate Attorney Midland TX Do?
There are many issues that arise when a person dies and there is an estate to be processed. Probate is the process where a deceased person's will is legally executed. It involves the process of assessing the assets and paying the creditors and applicable taxes. A probate attorney Midland TX, a legal specialist in probate law, can assist with this process.
If the person had suffered from a terminal illness, the process of probate may be simple as the legal issues may have been taken care of before the death of the person. However, if the death of the person is unexpected, the estate settlement issues may cause a problem. This is often the case if the person has died without leaving a will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
If a minor child becomes an orphan due to the death, the attorney will have to handle guardianship. Other issues, such as potential insolvency and communicating with creditors, needs to be finalized.
If the will is contested, it creates bigger problems. This can happen if a person, such as a former spouse and children, has a financial interest in the estate. If a spouse or a child is excluded from the will or they have not been treated as well as other beneficiaries, they have the legal right to contest the will. There are often instances where bequeaths have been made to non-profit organizations in the will. In this case, family members may opt to contest the will.
There are instances where a probate lawyer has been names as the executor of the estate. This implies that the lawyer will take charge of the physical distribution of assets. The attorney will be paid a fee for this service. The fee may be a stipulated amount or it may be calculated as a percentage of the estate's value.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
If the person had suffered from a terminal illness, the process of probate may be simple as the legal issues may have been taken care of before the death of the person. However, if the death of the person is unexpected, the estate settlement issues may cause a problem. This is often the case if the person has died without leaving a will.
In cases where a simple will has been drawn up, the process is much easier. If there is only one beneficiary, the will lists common assets, such as bank accounts, a house and life insurance policies, it may not be necessary to appoint an attorney. However, there are often duties and estate issues that need settling which may make it too complex for a layperson to handle.
There are several issues that need to be handled by a probate attorney. The lawyer needs to have adequate experience to minimize the amount of taxes payable by the estate. This makes it possible for the beneficiaries to receive most of the estate, rather than paying most of it to the government. By law, any real estate titles held by the deceased need to be transferred to the beneficiaries.
If a minor child becomes an orphan due to the death, the attorney will have to handle guardianship. Other issues, such as potential insolvency and communicating with creditors, needs to be finalized.
If the will is contested, it creates bigger problems. This can happen if a person, such as a former spouse and children, has a financial interest in the estate. If a spouse or a child is excluded from the will or they have not been treated as well as other beneficiaries, they have the legal right to contest the will. There are often instances where bequeaths have been made to non-profit organizations in the will. In this case, family members may opt to contest the will.
There are instances where a probate lawyer has been names as the executor of the estate. This implies that the lawyer will take charge of the physical distribution of assets. The attorney will be paid a fee for this service. The fee may be a stipulated amount or it may be calculated as a percentage of the estate's value.
Many people choose not to draft a will while they are alive as they do not want to be reminded of their own mortality. It is a good idea to draft a will regardless as the settlement of an estate can become an extremely involved process. The use of a probate attorney to draft a will is a good idea. The attorney will make sure that the draft conforms to the laws. The lawyer will note any potential problems and offer advice to the best way in which to draft the will, and give details on how settlement of the estate will ultimately occur.
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