How Estate Lawyer Handles All of Your Assets
As you make your life investments, it’s always advisable to involve an estate lawyer, primarily if you have invested in real estate. Everyone needs to protect their assets, and an Estate attorney will go through your financial details and analyze the assets that can be transferred or protected. They will advise you whether to expect a change in your financial situation. (Image Credit: Gerd Altmann/Pixabay)
Getting to protect your assets from fraudsters can be difficult; therefore, it’s always recommended that you hire a trusted lawyer who will handle all your assets. Here are ways that estate lawyers, also known as probate lawyers, will handle all your assets.
1. Help in the Settlement Process
An estate attorney can help facilitate the settlement process should the breadwinner pass on. The estate settlement process is set in such a manner that the legal system determines the total assets that the deceased possessed; it’s designed to ensure that all overdue taxes are paid. It’s also designed to ensure that all assets are transferred to the right people. For these reasons, legal experts at https://www.atlantaestatelawcenter.com/ would strongly suggest that you find an experienced law firm that handles complex situations with compassion. It’s always advisable to find dedicated attorneys who are board-certified in estate planning, whereby, you will rest assured that the attorney will work diligently and effectively to ensure that you and your family are protected.
2. Assist in Buying Property
When you purchase a property, you enter into a contract with the agent; this is usually done in writing. You need to understand every process involved. Most brokers act as intermediaries between you and the seller, and you can never be confident of the legality of the contract. Upon obtaining the formal written contract, the title search is done, the buyer gets the financial commitment, and then the property is legally transferred from the seller to you. The entire process might appear simple, but it’s always advisable to let the lawyer make all the transactions. Working alone might be catastrophic, and for this reason, ensure that you work with a certified estate lawyer.
3. Filing Documents that Probate Courts Require
As earlier stated, the court process can be complicated. For this reason, you might need an experienced probate lawyer to find the necessary legal documents when you have a case. You will need evidence when filing a lawsuit, and an experienced lawyer will advise you on the right documents to the table. Furthermore, you need the right estate lawyer to boost your chances of winning an asset case.
4. Collecting Proceeds from Life Insurance Accounts
In some cases, the proceeds that come from insurance accounts rarely undergo the probate process. If you risk losing your property or getting stuck after you pass on, ensure that the policy beneficiaries are all listed; therefore, you can do away with life insurance. However, if you pass on, and your real estate property still owes taxes, then your beneficiaries might fail to survive you. For this reason, you will need an experienced attorney who will help will all the insurance paperwork and ensure that your next of kin receive their due.
5. Help in Property Settlement when there is no will
Once you pass on, and you haven’t written a will, you will probably leave behind a conflict between the beneficiaries. However, now that you never left a will, your estate will be distributed in accordance with the intestacy laws regardless of the deceased’s wishes. You can hire a probate lawyer, as the beneficiaries, who will assist the estate administrator, and this way, all assets will be equally distributed among the beneficiaries. The probate lawyer will assist with handling some complex tasks, although the intestacy state laws bound them.
6. Handling Taxes
All your assets in real estate are subject to federal estate tax, and your attorney can help in handling all your taxes. The attorney will file your tax returns, and they will include a copy of the will to act as evidence whenever property should be distributed. If you are a surviving spouse, your money won’t be subject to estate tax, although all other assets will be eligible for taxation.
Generally, it’s always a good idea to have a lawyer who will guide you through the entire probate process. However, before you get a lawyer, you should ask yourself whether the estate can be distributed without the probate. Secondly, ask yourself whether the estate’s net worth would be sufficient to pay the debts and whether the family members are included in the will. Considering all these factors, you should hire a lawyer with years of experience in real estate matters.