The typical layperson is probably not going to have a lot of knowledge about the intricacies of estate planning. There is certainly nothing wrong with this because everyone has his or her own area of expertise and you can’t know everything about everything.
With the above in mind, some people are under the impression that a last will is something that is only read among family members. In fact, other interested parties have a right to seek satisfaction from the estate. In addition, anyone who wanted to challenge the will has the opportunity to do so.
The probate court in the jurisdiction that is local to the deceased will preside over the administration of the estate when you use a last will. During this period creditors and others who have claims against the estate could step forward. Final taxes must be paid, and as stated above any challenges that may exist would be presented before the probate court.
In addition, the assets of the deceased are going to have to be inventoried and prepared for distribution to the heirs. This can include some complexities such as the liquidating of real and personal property, dealing with life insurance matters, safe deposit boxes, and liquidation or transfer of securities.
You choose an executor to deal with these hands-on tasks, but the executor is going to need professional guidance. This is the job of the probate lawyer. Your attorney understands the probate process thoroughly and he or she will be well-equipped to guide the executor through these complicated waters.
It all starts with the creation of a plan. To devise an intelligently conceived estate plan with the realities of probate in mind, take a moment to get in touch with a good Indianapolis probate lawyer to arrange for a consultation.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- How Do I Know If My Estate Has Enough Liquidity? - July 22, 2019
- Can’t I Just Transfer Assets to My Adult Child If I Need to Qualify for Medicaid? - July 19, 2019
- What Type of Will Is Best for Me? - July 17, 2019