6 Things That You Need To Know About Estate Lawyers

Dealing with an estate typically causes a bit of apprehension due to its complex laws and court system, and all the ins and out of trusts, beneficiaries, power of attorney, and other concepts that might be foreign to you. If you’re feeling overwhelmed and are unsure if an estate lawyer can help you, then continue reading this article to learn more about what exactly it is that an estate lawyer does. 

1. Planning

At the core of what an estate planner does is planning. Even though you may think you’re too young to start thinking about a will, it’s actually never too early if you’re between ages 30 and 50. An estate planner can help you set up a will. Making arrangements for after you pass away is an important step in ensuring your family is taken care of after you’re gone. This is where an estate attorney comes in. 

Another important role estate lawyers fill is directing people through probate court with power of attorney over the estate of someone who was recently deceased. Oftentimes, depending on how the estate is allowed to be transferred, a good attorney can help you sidestep probate court completely. 

2. Settling Disputes

If a dispute between an individual and the beneficiary of an estate arises, then an estate lawyer can help settle it and help proceed to the next steps of selling the property. It is the sole responsibility of the attorney to get the court’s permission for certain actions. This includes the sale of a property.  Sometimes beneficiaries will be unhappy with the decision of an estate to be sold and will sue the estate of the deceased family member. In that case, an estate attorney is highly necessary for advice and guidance, as this has the potential to rob the estate of funds and exhaust beneficiaries through court proceedings. 

3. Assistance with Finances

Loved ones may have outstanding bills or debts when they pass away, and an estate lawyer can assist during the payment process and gather any documents related to them that the court requires. 

An executor will stay on top of the estate’s checking account, and the attorney would be in charge of handling estate or inheritance taxes, whether state or federal. Where the money will come from to pay these taxes will also be determined by the lawyer.  

An estate attorney is very useful when it comes to protecting your assets. This will be advantageous for you during your lifetime and in the case you become incapacitated. It will also help your beneficiaries after you pass away. 

4. Collecting 

Collecting assets after a loved one is deceased can be a very difficult process for families. There may be anger or resentment that causes families to become vindictive and refuse to comply. An estate lawyer can assist you in collecting insurance proceeds or securing probate assets. There’s a long paperwork process that goes into retitling the estates with the names of the beneficiaries, and the lawyer will see that it gets done properly and with haste. After the final bills and taxes are paid off, the executor can divvy out everything that’s remaining of the descendant’s assets. 

5. Help with Selling an Estate

The selling of an estate has to follow in accordance with the state laws, which can vary by state. An attorney will be well-versed in all the laws unique to your state and can make sure it’s done legally and efficiently. The lawyer will help sell it as quickly as possible and for the best deal. Buying an estate is one of the highest purchases a person will make, so it’s crucial that it’s in the hands of a good lawyer who can protect the client’s interest. It’s also another long paperwork process that an average Joe might struggle with. 

6. Tax Advisory

A trustworthy estate lawyer will also be an expert in tax law and can advise you on how to handle the state and federal taxes in your area. They will find as many deductions as possible while keeping confusion to a minimum. Legal expenses can add up during tax season, and a good lawyer will know how to keep them low and manageable. 

The loss of a family member can be one of the most mentally taxing experiences a person can go through. Because emotions are running high and because there is so much at stake, there tend to be a lot of issues and concerns surrounding the security, inheritance, or selling of an estate. Leave it to the professionals to handle your case to avoid having to personally deal with complicated court proceedings, taxes, paperwork, or other unpleasant things.