What is Probate Law?
Posted on 23. Jun, 2011 by Admin in Probate Law
Probate law encapsulates every part of the process of protecting one’s assets. The practice of probate law is very involved and client-intensive. A probate attorney will work with a client to create a financial plan that works for the client’s situation. In addition, a client may want to avoid the fees of probate court and create a trust.
Details contained herein are for information only, contact Andrew Lamkin for additional information.
In every state, the probate laws vary greatly. Tax laws, estate planning laws, and lending disclosure laws are all relevant when planning an estate. To understand probate law and what is entailed, one may find studying the roles to be helpful.
The deceased person is usually the client of a probate attorney. The client seeks to have his or her desires carried out through a will or trust. Many clients will believe they do not have the assets to create a trust. However, an attorney will usually advise it is in the best interest of a client to create a trust as well.
In some states, a client will be required to appoint an executor and trustee of a will and estate. A probate lawyer usually plays the role of the executor. The trustee is also someone with a high degree of responsibility. A client should choose a trustee who the client knows will be responsible, diligent, and capable of carrying out an estate plan. In the state of Florida, a trustee is responsible for doing quite a few things. A trustee will have to get certified copies of a death certificate made. Along with having the certificate made, the trustee must contact government organizations to make them aware of a person’s death. The trustee must contact the Department of Health and Social Security Administration. A trustee will also have to file a will with probate court.
One of the most important tasks a trustee must complete is communicating with beneficiaries of a will or trust. The trustee must identify all of the beneficiaries and make them aware of a person’s death. Taking an inventory of all of the assets in a trust is also an important part of the process. This can also be a very time consuming process, as a trustee must contact all debtors and creditors as well. The trustee must make note of all of the bank accounts and investments owned by a client. The trustee will then use funds from accounts to pay any outstanding debts to debtors.
Choosing the trustee is often the most difficult part of the probate process. One wants to make sure a trustee is diligent and dependable. Without the adequate help of a trustee, an estate may never be carried out. A trustee is usually a close friend of the client or family member.
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