When a loved one dies, dealing with the preparations for the funeral are more than enough. Your emotions are raw and this is a very difficult time. In addition to the funeral planning, you will also need to deal with the last will and testament left by your loved one. No one really wants to think about material things at this time but it is very important that you have a probate lawyer assist you with this process.
There are numerous benefits from working with this type of lawyer at this difficult time. First, they will be able to handle all of the details for you, leaving you time to plan out the funeral and deal with your emotions. Second, they will be able to advise you on financial matters and what course you should take in dealing with the terms of the will. Let’s look at a few other reasons why it is so important to have a probate lawyer.
If you are not familiar with the term probate, it refers to the process where a court determines the assets of the deceased person and aids with the distribution to the parties named in the will. Probate is necessary when there is a transfer of property that is not held in joint tenancy, or other large assets. Probate is not typically needed for simple wills where the deceased person did not leave much behind.
Potential Disagreements Over the Will
Unfortunately, not everyone named in the will and testament will agree with the terms of the will. This is very common in instances where there are divorced spouses or children who feel as though the terms of the will are not favorable to them.
The last thing you need to worry about in this time is dealing with upset family members and trying to figure out who gets what. Your lawyer will be able to assist you in handling disputes and will represent you in the court to make sure that the terms of the will are handled properly.
Altering of the Will
In the event that the people named in the will do not want to have the property that has been left to them and wish to leave it to their children or others, the will must be altered in a court of law. This process can be very complicated and drawn out and it is best to let someone with experience handle it for you.
When people wish parts of the will to be altered, there may also be disagreements. It is perfectly normal to want to uphold the wishes of your loved one and again, this is a very emotional time. It is best to have an impartial third party who can advise you on the best course of action and deal with the court proceedings for you.
In fact, once you find out the tax implications of something that has been left to you in the will, you may also want to alter the terms. It is best to have someone you can trust who can advise you on your best course of action and help you determine all of the implications you may be facing as the result of your inheritance.
Advice on Dealing With Inheritance Tax
One of the problems that comes up for families is dealing with the estate tax of the property that has been left to them. If it is not handled properly, you may be surprised at just how much tax you will have to pay. Having a lawyer assist you in determining your best options is key during this time.
You may also want to bring your financial advisor into the discussion to determine what is best for your current situation. While you may want the property that has been willed to you, when it comes to actually paying the tax on that property, you may change your mind. They can assist you in determining what you need to do to avoid paying more taxes than you should and how to handle the transfer of ownership.
Your best course of action when dealing with a will is to have the assistance of a probate lawyer. Let them deal with the financial end of things and any disputes that may arise. You are under enough stress with the passing of your loved one and the last thing you need during this time is more emotion and complicated transitions.
Karen Ekstein, MBA, Ph.D. (author) assisted David Ashaiek with this article. The concept of ‘culture’ has various meanings and definitions. One such definition is as follows: culture refers to “customary...By Dave Aschaiek