The process of inheriting property previously owned by a deceased person can be challenging. Transferring the estate to beneficiaries must go through an intricate probate process. Because of this, hiring a deceased estate lawyer to deal with such a process is a wise decision. Here are five other reasons why having a deceased estate lawyer by your side is highly advantageous.
Helps Solve Issues Arising From Intestate Death
A situation where a property owner dies without leaving behind a will is known as intestate death. When this happens, there are specific laws that govern property division among beneficiaries. Working with a deceased estate lawyer helps you file probate and better understand the outcomes of the whole probate process. The lawyer will additionally carry out searches that can help reveal the deceased person's liabilities and assets.
Handles the Differences Among Beneficiaries
It's better to enlist the services of a deceased estate lawyer if beneficiaries differ on sharing the property. A reputable lawyer evaluates the will and determines what it stipulates concerning the rightful share for each beneficiary. A deceased estate lawyer will further help explain what trusts are and how they work.
Helps Conciliate Contested Will Matters
For beneficiaries who feel that a particular will was written under coercion, contesting it in court is an option. The services of a deceased estate attorney can be highly invaluable during such cases. The lawyer conducts thorough investigations into the claims and offers sound advice. They might decide whether your claims make sense and are feasible to be presented to the court.
Advice on Property Taxes and Debts
The property owned by the deceased person might have been subject to different taxes. A deceased estate lawyer looks into such matters and offers guidance on paying any pending estate taxes before inheriting the property. If there are any unsettled debts, the attorney can help you to settle them. Furthermore, if the debts exceed the assets, the lawyer can advise you on an appropriate way forward.
Guides on Better Wealth Management Strategies
For instances where the deceased person had an extremely large estate, the business must keep running before its subdivision among beneficiaries. A deceased estate lawyer can help draft an effective wealth management plan. Additionally, the lawyer can offer guidance on managing financial assets, including bonds and stocks. The lawyer also takes into consideration intangible assets like copyrights and whether you'll continue benefiting from them.
The significance of deceased estate lawyers can never be underestimated, especially during the probate process. Besides resolving disputes among beneficiaries and handling intestate death or contested wills, they also offer advice on wealth management and clearing financial debts and taxes.