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Sep 19, 2023 · But there's one primary difference: timing. A probate attorney handles the process of estate administration after a person dies. They prepare legal documents required for the probate court. The probate attorney may even serve as an executor or administrator of an estate.
- Living Trust
- Joint Ownership
- Pay-On-Death (POD) Accounts
- Transfer-On-Death (TOD) Accounts
- Life Insurance
- Retirement Accounts
- Gifts
In a living trust, you appoint a trustee to manage your assets for the benefit of designated beneficiaries. Should you pass away, the trustee distributes the assets held in this trust directly to your beneficiaries, eliminating the need for probate.
When two or more people own an asset together with the “right of survivorship,” it means upon the death of one owner, the surviving owner(s) automatically inherit the deceased owner’s share without going through probate. There are several types of joint ownership: 1. Joint Tenancy with Rights of Survivorship (JTWROS).Here, if one owner passes away,...
POD accounts are a type of bank account that has a named beneficiary. Upon your death, the designated beneficiary can claim the assets held in the account directly.
TOD accounts are similar to POD but for securities, such as stocks, bonds and mutual funds. The designated beneficiary inherits the securities in the brokerage accounts without probate.
By designating a person or entity as the beneficiary of your life insurance policy, the death benefit will bypass probate and go directly to them. The only exception is if you outlive the designated beneficiary or if the estate is named as the beneficiary, as this would send the proceeds through probate.
IRA, 401(k) and other retirement accounts allow you to name beneficiaries. Upon your death, these assets gets transferred directly to the beneficiaries without passing through probate.
One easy way to avoid probate is to give away assets, while you’re still alive. However, be aware of potential tax implications. In 2023, you can give up to $17,000 in money or property to a single person without owing gift taxes. An estate planning lawyer can help you identify ways to facilitate the transfer of most or all of your property outside...
What is a Probate Attorney. A probate attorney is a state-licensed lawyer who can help the Executor of a Will (if one was appointed) or the beneficiaries of an estate get through probate as they work to settle an estate. Their services could typically include everything from finding and inventorying assets of the estate, to understanding and ...
The Justia Lawyer Directory is designed to simplify the process of researching, comparing, and contacting attorneys in your city, county, or state who fit your legal needs. Start exploring our listings of probate lawyers near you today. Compare probate attorneys on Justia. Comprehensive lawyer profiles including fees, education, jurisdictions ...
Finding a local attorney who is experienced and competent when it comes to handling a probate court proceeding may not be the hardest part of finding the right lawyer. Most probate cases aren't complicated; they require careful attention to detail, but you don't need a courtroom star. Most probates consist almost entirely of routine paperwork.
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Probate & estate administration attorneys handle succession issues and can help you navigate court processes, payment of the deceased person's debts, distribution of property according to the will or estate plan, and probate litigation. Use FindLaw to hire a local probate & estate administration lawyer to ensure that the estate is administered ...
These fees are often high under the circumstances because they are calculated based on the gross value of the probate assets, not the net value. For example, if you're handling an estate that includes a house worth $300,000, with $175,000 left on the mortgage, the lawyer's fee would be based on $300,000—not the $125,000 of equity the estate actually owns.
