Distributing assets after the death of a loved one is never easy. It requires a lot of time and planning to avoid any future problems. That is why it is essential that you work with a probate lawyer who has experience with these types of cases. Here are three important services offered by these professionals.
1. Securing Estate Assets
Many people find themselves in financial trouble during the probate process because they do not have asset protection plans set up before their death. Such problems can make you vulnerable to lawsuits.
You can avoid them by working with a probate lawyer. They'll help you secure any assets left behind, including accounts, homes, or any other property owned by someone who has passed away. They'll also advise you on setting up trusts, wills, and other legal documents that protect assets and prevent them from being attached by creditors in case of unforeseen financial emergencies. In addition to securing assets, they may also help you notify people that are entitled to inherit from your estate and assist in dividing up these belongings appropriately among them.
2. Resolving Income Tax Issues
Income tax issues can be very complicated and overwhelming. Probate lawyers can help you solve these issues, as they are skilled in the laws related to various types of tax liabilities that apply to your situation. They understand all aspects and complications involved in such disputes and will help you deal with tax authorities.
If necessary, estate lawyers can also represent you before a court on matters involving income taxes, capital gains taxes, or inheritance tax disputes. They'll advise and guide you through every situation while adhering strictly to all laws related to taxes. And with tax laws constantly changing, you'll need them to update you on the latest changes to avoid penalties on account of ignorance.
3. Collecting Proceeds from Life Insurance Policies
When a person dies, their family should receive money from an insurance company if it isn't tied up in an estate dispute. However, if there's a dispute, you'll need legal assistance to get your share of the benefits.
Probate lawyers can help you collect proceeds from life insurance policies. They'll contact the insurer and make sure you are identified correctly as the beneficiary. Upon successfully collecting funds, they will distribute the money to all the beneficiaries with proper documentation. If there's no beneficiary listed, they can file a claim to prove you're entitled to receive the benefits as an unidentified beneficiary or another party.
Probate lawyers are incredibly helpful if you need to clear up any issues with a deceased's will or property. They're skilled in their field and will provide you with various services that will ensure you're satisfied with the outcome.