When a loved one passes, the family has to disperse whatever assets the person left behind. If a will is in place, it makes it easier to decide how to divide property. If there are stocks, bonds, and numerous personal and real property assets, your loved one probably already had a lawyer who drew up a will and any other relevant paperwork. If this person is an experienced probate attorney, contacting her as soon as possible after the death of the family member is important.
You will need copies of relevant legal documents left behind by the loved one. These may include a will, titles, deeds, stocks, bonds, and insurance policies. Most people keep valuable paperwork such as these in safe places. You might find them in a home or office safe or in a safety deposit box. Hopefully the individual died intestate, which means there is a valid will.
Even with this paperwork, you won't be able to begin probate without the death certificate. Inventorying all the assets during this time is a good idea. When you meet with your lawyer, you should be prepared to turn over copies of all documents. If you have retained the services of a new lawyer, the first meeting is often free of charge.
While you are in the process of looking for the deceased's will, you also need the titles to personal property like vehicles and boats. There should be deeds for all real property owned like houses and acreage. Legal documents are recorded, and if you know they exist, but can't locate them, your lawyer can research the documentation and get the necessary copies.
Once your lawyer determines that your paperwork is in order, you can petition for probate. The petition is normally filed in the county where the loved lived. The process takes at least a month and sometimes longer. This process ensures all creditors have been notified of the death, admits the will, and officially appoints the administrator. When everything is approved, the executor can begin the process of dispersing assets.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
Being the executor of an estate can be time consuming and stressful. Most heirs don't know how to handle the legal aspects involved. An experienced lawyer can help make the process easier for families going through a difficult time.
You will need copies of relevant legal documents left behind by the loved one. These may include a will, titles, deeds, stocks, bonds, and insurance policies. Most people keep valuable paperwork such as these in safe places. You might find them in a home or office safe or in a safety deposit box. Hopefully the individual died intestate, which means there is a valid will.
Even with this paperwork, you won't be able to begin probate without the death certificate. Inventorying all the assets during this time is a good idea. When you meet with your lawyer, you should be prepared to turn over copies of all documents. If you have retained the services of a new lawyer, the first meeting is often free of charge.
While you are in the process of looking for the deceased's will, you also need the titles to personal property like vehicles and boats. There should be deeds for all real property owned like houses and acreage. Legal documents are recorded, and if you know they exist, but can't locate them, your lawyer can research the documentation and get the necessary copies.
Once your lawyer determines that your paperwork is in order, you can petition for probate. The petition is normally filed in the county where the loved lived. The process takes at least a month and sometimes longer. This process ensures all creditors have been notified of the death, admits the will, and officially appoints the administrator. When everything is approved, the executor can begin the process of dispersing assets.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
Being the executor of an estate can be time consuming and stressful. Most heirs don't know how to handle the legal aspects involved. An experienced lawyer can help make the process easier for families going through a difficult time.
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