Probate law may not be as familiar to most people as criminal law, but it is a hugely important part of most people's lives. Probate lawyers handle legal issues that arise when a person passes away and leaves behind assets that may or may not be transferred to others. Take a look below at four situations in which a probate attorney can prove to be essential.
You Need to Minimize Taxes
Minimizing the tax burden placed on family members or friends is a priority of anybody who plans to get their affairs in order. In the case of high-net-worth individuals, this burden can amount to millions of dollars if not assessed properly. To avoid losing any more money than what is legally necessary when your estate is transferred to others, make sure to speak with an estate attorney who can put together a detailed plan.
You Want to Proactively Prevent Disagreement Over Your Will
Not only can a probate attorney help you draft a clearly worded will, but they can also help to administer the will through the probate process after you pass. This will prevent any disagreement from festering and becoming a bigger issue that distorts your intentions. If you want to do everything you can to prevent disagreement and arguments over your estate's assets, especially when it comes to inheritance, then there is no reason to hesitate in hiring a probate attorney.
You Want to Set Up a Trust
A trust is a convenient arrangement in which a person can give control of assets to a trustee, who then holds or distributes those assets according to the wishes of the trustor. Often, people choose a trustee who is not a family or friend, so as to avoid potential conflicts of interest in the future. Instead, they choose a more objective third party such as an attorney or accountant. A probate attorney can recommend the best kinds of trusts to create and who might serve as a competent trustee.
You Have Assets in Different States
Probate law differs — sometimes dramatically — by state. If you have assets in two or more states, then retaining the services of a probate attorney is a must. They can help you through the legal mazes you will have to navigate so that your will abides by all the regulations of the relevant states and leaves no doubt as to your wishes after your pass.
For more information, contact a probate lawyer near you.Share