When an individual who has any kind of assets dies, the court has to approve the way in which they are disbursed. If the deceased has a valid will, it makes the process easier. Those with significant assets usually make plans well in advance of their death through lawyers of their own. If you find yourself in charge of making family decisions for the disbursement of a loved one's assets, you may need the services of a seasoned probate attorney to expedite the proceedings.
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.
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.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
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.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Brokers, who are familiar with handling trust and estate real property, such as houses, land, and commercial properties, are usually the most appropriate people to liquidate real estate. The administrator can decide to auction the property or offer it in a private sale. It is important that the property be sold for fair market value and that the heirs receive an accurate accounting of all transactions.
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.
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.
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.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
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.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Brokers, who are familiar with handling trust and estate real property, such as houses, land, and commercial properties, are usually the most appropriate people to liquidate real estate. The administrator can decide to auction the property or offer it in a private sale. It is important that the property be sold for fair market value and that the heirs receive an accurate accounting of all transactions.
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.
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