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What Is Probate Law?

Thu, 30 May 2024 14:12:00 GMT

When someone passes away, their earthly possessions usually go to their next of kin or anyone else they have designated in their estate planning document. A will must go through a legal process called probate. Here is some insight into what probate is and why a probate lawyer should help you.

Will Validation

Unfortunately, some unscrupulous people have tried to pass off fake wills to name themselves the main beneficiary. That’s why a will goes through a probate process, in which the court system validates the will. As long as the deceased legally named assets, beneficiaries, witnesses, and an executor and had a lawyer's help, it can cut down the time the validation will take. In our experience, the average time for the probate process is about a year in some states, but sometimes it may be more.

Asset Collection

At this time, assets will be gathered. Such assets include all financial accounts, such as investments or bank accounts. If there is an art collection, vehicles, or real estate, they'll be collected for proper allocation.

Filing Process

The probate process isn’t free. How much your probate filing costs depends on your state and how big your estate is. According to the inheritance funding company Inheritance Advanced, over $2 billion is spent annually on American probate cases. If you hire a probate lawyer to help you, that can add to the expense. However, it may actually save you money in the long run with their knowledge and expertise.

Paying Creditors

Before any heirs inherit from the estate, creditors must be paid first. The probate process of the court system allows any creditors to make their claim. Your probate lawyer may also proactively pay down those debts to get them out of the way. Just understand that whatever the estate owes will reduce any inheritance going to heirs.

Asset Distribution

Whether the person has a will or not, their assets will be distributed accordingly. A valid will should have directives that specify what beneficiaries get what items. Otherwise, asset distribution is in the state's hands. In most cases, the state will allocate leftover assets to the next of kin, such as spouses and children.

Our practice has been around for over 100 years, and we handle many aspects of real estate, business, and estate planning law. We can help you create a legal will, trust, or other estate planning options. Are you ready to give yourself peace of mind and protect loved ones? Contact us at the Law Office of Matthew J Lester, PLLC today for free consultations with a probate lawyer .

You’re Never Too Young to Have a Will: Here’s Why

Thu, 04 Apr 2024 14:29:39 GMT

You may think that having a will is only for older folks or the wealthy. The truth is you're never too young to have one. According to LegalZoom, 56% of Americans view estate planning as important, yet only 33% of adults have legal documents outlining their end-of-life plans. Creating a will ensures your belongings, finances, and wishes are handled the way you want when you pass away. Even if you're young and healthy, it's wise to make a will with a will lawyer. Here are some key reasons why.

Name a Guardian for Kids or Pets

If you have young children or pets and something unexpected were to happen to you, who would care for them? Making a will allows you to legally name a guardian you trust to take care of your dependents. This gives you peace of mind that your kids and furry friends will be loved. A will lawyer can make sure your guardian nomination is binding.

Avoid Family Disputes

Without clear instructions in a will, your belongings may cause fights between family members. Siblings or parents may argue over who gets your prized possessions or financial assets. Appointing an executor in a will and stating who gets what can prevent bitter disputes down the road. A will lawyer can ensure your wishes are unambiguous.

Support Causes Important to You

Causes and charities you're passionate about depend on donations from supporters like you. Including a charitable gift in your will is a powerful way to continue supporting these organizations after you're gone. A will lawyer can set this up, so your gift is utilized over time or reaches endowment status.

Distribute Specific Items

Maybe you promised your vinyl collection to your cousin who shares your taste in music. Or you want your grandma's jewelry to go to your sister rather than be sold. By writing a will with clear instructions, you can distribute your personal items as you choose. A will lawyer will make sure recipients receive these meaningful gifts.

No matter your age or stage of life, having a thoughtfully crafted will gives you control over what happens after you pass away. Working with a knowledgeable will lawyer to put your wishes in writing can provide immense peace of mind. It’s never too early to start planning. Revisit your will whenever major life events occur to keep it current. While thinking about end-of-life matters can be difficult, being prepared is a wise and caring gesture to loved ones. If you're ready to create a will, reach out to the Law Office of Matthew J Lester, PLLC now.

Why Should You Work With a Real Estate Attorney When Buying a House?

Mon, 12 Feb 2024 16:52:31 GMT

Buying a house is likely one of the biggest purchases you'll ever make. While it's an exciting time, it can also be overwhelming trying to navigate the legalities. Working with a real estate attorney can help ensure your interests are protected during the home-buying process. According to the American Bar Association, in the U.S., there are more than 1.3 million lawyers. Here's why you should consider hiring one.

Get Insight on Important Documents

When you make an offer on a home, you have to sign various disclosures and contracts like the purchase agreement. These legal documents contain critical information on things like required repairs, closing costs, and contingencies. While reading the fine print might seem boring, you must understand what you're agreeing to. Rather than going at it alone, you can work with a real estate attorney to help explain these key documents in plain terms, so you know what you're getting into.

Avoid Costly Problems Down the Road

Even if a house seems perfect now, issues may come up that jeopardize the sale or cost you thousands in repairs. For example, inspection reports might reveal undisclosed problems, or you may uncover liens on the property that threaten your ownership rights. Instead of scrambling to address these issues at the last minute, you can work with a real estate attorney from the start to help uncover any red flags and negotiate better terms to protect your interests. Their expertise can help you avoid unwanted surprises.

Handle Legal Hurdles Smoothly

During the closing period, a myriad of legal requirements have to be met for the deal to go through. Title searches need to be clear, surveys have to be checked out, and mortgage documents need proper execution. If even small issues crop up with the legal requirements, it can delay closing by weeks or even cause the entire deal to fall through if not handled properly. Rather than leaving it to the real estate agents, you can hire a real estate attorney who specializes in closings to proactively handle these hurdles. Their legal background can help the process go more smoothly.

While working with a real estate attorney does require an additional upfront cost, it's a smart investment to protect your legal rights and the huge financial commitment that comes with buying a home. If you're looking to purchase a home, reach out to the Law Office of Matthew J Lester, PLLC today for a consultation.