Even when a loved one has all her affairs in order, there are a lot of decisions for her descendants to make on her passing. Those who leave behind substantial holdings, usually have attorneys who have dealt with legalities. Even when this is the case, retaining the services of an experienced probate attorney makes it much easier to settle the estate and disburse funds and assets in the manner in which the loved one wished.
This professional will probably tell you to gather all the paperwork you can find that pertains to the deceased individual. Wills and titles are usually left in safe places, like home safes and safety deposit drawers in local banks. A person with a will in place is said to be testate. One without a will is intestate. A valid will should designate an executor to make decisions about dispersing assets.
Even with this paperwork, you won't be able to begin probate without the death certificate. Inventorying all the assets during this time is a good idea. When you meet with your lawyer, you should be prepared to turn over copies of all documents. If you have retained the services of a new lawyer, the first meeting is often free of charge.
While you are in the process of looking for the deceased's will, you also need the titles to personal property like vehicles and boats. There should be deeds for all real property owned like houses and acreage. Legal documents are recorded, and if you know they exist, but can't locate them, your lawyer can research the documentation and get the necessary copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Many heirs decide to hold estate sales to get rid of personal items that no one in the family wants to keep. Before this happens, any bequests made by the deceased should be handled. An estate sale does not require court approval to take place. Some let auction houses handle the proceedings, and others just have big yard sales.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
This professional will probably tell you to gather all the paperwork you can find that pertains to the deceased individual. Wills and titles are usually left in safe places, like home safes and safety deposit drawers in local banks. A person with a will in place is said to be testate. One without a will is intestate. A valid will should designate an executor to make decisions about dispersing assets.
Even with this paperwork, you won't be able to begin probate without the death certificate. Inventorying all the assets during this time is a good idea. When you meet with your lawyer, you should be prepared to turn over copies of all documents. If you have retained the services of a new lawyer, the first meeting is often free of charge.
While you are in the process of looking for the deceased's will, you also need the titles to personal property like vehicles and boats. There should be deeds for all real property owned like houses and acreage. Legal documents are recorded, and if you know they exist, but can't locate them, your lawyer can research the documentation and get the necessary copies.
Once you have all the paperwork in order, you and your lawyer can petition the court for probate. This normally happens in the county of your loved one's residence. It will take a month or more for the paperwork to get through the court system. This gives creditors time to be notified, appoints an administrator, and admits the will.
Many heirs decide to hold estate sales to get rid of personal items that no one in the family wants to keep. Before this happens, any bequests made by the deceased should be handled. An estate sale does not require court approval to take place. Some let auction houses handle the proceedings, and others just have big yard sales.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
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