When a loved one passes, the family has to disperse whatever assets the person left behind. If a will is in place, it makes it easier to decide how to divide property. If there are stocks, bonds, and numerous personal and real property assets, your loved one probably already had a lawyer who drew up a will and any other relevant paperwork. If this person is an experienced probate attorney, contacting her as soon as possible after the death of the family member is important.
You will need copies of relevant legal documents left behind by the loved one. These may include a will, titles, deeds, stocks, bonds, and insurance policies. Most people keep valuable paperwork such as these in safe places. You might find them in a home or office safe or in a safety deposit box. Hopefully the individual died intestate, which means there is a valid will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
Even if you are named the executor in the will, you can't begin to disburse assets until you get approval from the court. Petitioning for probate takes a month or longer. There has to be adequate time for creditors to be identified and notified. The administrator must be officially appointed, and the will admitted. Once you, as the executor, receive notification from the court, you can begin the process of liquidating property.
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.
Executors often retain the services of a Broker familiar with estate real estate holdings in order to sell the real estate. It can be auctioned or sold privately, but should be sold at fair market value. Once the property is sold and closed, the proceeds can be disbursed according to the intentions of the deceased and the order of the court.
It can be complicated and time consuming to handle an estate when there are multiple assets. Retaining the services of a good lawyer, familiar with state laws regarding probate, can make a big difference. It is the best way to ensure the wishes of the deceased are met.
You will need copies of relevant legal documents left behind by the loved one. These may include a will, titles, deeds, stocks, bonds, and insurance policies. Most people keep valuable paperwork such as these in safe places. You might find them in a home or office safe or in a safety deposit box. Hopefully the individual died intestate, which means there is a valid will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
Even if you are named the executor in the will, you can't begin to disburse assets until you get approval from the court. Petitioning for probate takes a month or longer. There has to be adequate time for creditors to be identified and notified. The administrator must be officially appointed, and the will admitted. Once you, as the executor, receive notification from the court, you can begin the process of liquidating property.
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.
Executors often retain the services of a Broker familiar with estate real estate holdings in order to sell the real estate. It can be auctioned or sold privately, but should be sold at fair market value. Once the property is sold and closed, the proceeds can be disbursed according to the intentions of the deceased and the order of the court.
It can be complicated and time consuming to handle an estate when there are multiple assets. Retaining the services of a good lawyer, familiar with state laws regarding probate, can make a big difference. It is the best way to ensure the wishes of the deceased are met.
About the Author:
Find an overview of the benefits of consulting a probate attorney and more info about a knowledgeable lawyer at http://www.texastrustattorney.com right now.