This is process by which the assets of someone who has passed away are distributed to the deceased person’s heirs. The process time can vary depending on the complexity of the estate and if anyone wishes to contest the proceedings.
How Can I Ensure The Assets Of The Estate Are Distributed Fairly?
The best way to ensure assets of an estate are distributed fairly is through the use of an attorney. Of course, if a properly executed will existed that will also aide in the proper distribution of assets.
What Happens If There Is A Dispute Among The Beneficiaries?
If there is a dispute amount the heirs or beneficiaries of the estate, the estate is contested and will follow a standard litigation process which may be lengthy depending on the issues.
How Can I Avoid Probate Or Minimize Its Impact?
While probate is not necessarily a complicated process, it can be lengthy depending on the size of the estate and the issues to be addressed. As such, some options to minimize its impact would be to have deeds written with certain language or the establishment of a trust. There have also been successful uses of LLCs to transfer ownership. However, the tools to utilize for estate planning ultimately depend on each person’s situation. It is best to consult with an attorney regarding your issue to ensure the best plan for your situation.
What Are The Tax Implications Of Probate?
Probate in and of itself does generate tax issues. However, the decedent’s (deceased person’s) estate is subject to estate tax. Recipient are generally not liable for taxes owed by the estate. However, in certain circumstances they may be liable for certain debts of the estate (e.g., mortgage).
How Can I Ensure My Wishes Are Carried Out After I Die?
The most effective way to ensure one’s wishes are carried out are through the execution of a will. However, it is important the will is properly executed so that it is enforceable during probate. In order to ensure this, it is always best consult with an attorney.
What Are My Rights As An Executor Or Administrator?
As an executor, you have been chosen to ensure to the contents of the will are distributed in accordance with the testator’s (the deceased person who wrote the will) wishes. As an administrator, the court has appointed you to administer the estate and ensure all distribution of assets as well as including the payment of debtors is carried out. While normally both can be the same person, that is not automatic. As an executor/administrator, it is not really issue of rights but more so responsibility and duty. You have certain duties and requirements that must be ensured are met. There is a certain level of protection from liability so long as the will is carried appropriately. However, you have an obligation to the testator. Of course, you can be reimbursed for expenses incurred from the estate that were expenses for the benefit of the estate as well as not be the executor if you so choose.
How Can I Handle The Probate Process If I Live Out Of State?
The best and most effective way to ensure the estate is administered effectively despite your distance is with the representation of an attorney. An attorney can handle many of the proceedings and matters without your attendance and will communicate with you as needed regarding the administration of the estate.
How Can I Handle The Probate Process If I Am The Only Survivor?
The simplest way to handle the probate process is by filing administration of the estate and submitting the will, if one was executed. Otherwise, if you are not comfortable with the process, it is always recommended to seek the counsel of an attorney.