In some states, owners have full authority over their estate when they create an estate plan. However, once the owner dies, the task of managing their estate and their wishes is up to the administrator. A probate attorney in Rockford, IL provides information about conditions that could affect the estate.
When Family Members Contest the Will
Typically, family members contest the will if they feel slighted due to an unequal division of the assets. If an outsider receives assets, the family could disagree with the ownership assignment. A probate lawyer could present a settlement opportunity and prevent issues that could deplete the estate. The legal disputes are more likely to take a larger sum away from the estate if it isn’t settled out of court.
Liens Against the Estate
During the probate process, debts are settled according to the estate plan created by the estate owner. Typically, monetary assets are set aside for the debts. However, the estate owner could also choose to use a term life policy to settle the debts. Creditors could seize assets if there isn’t a plan or if the beneficiaries don’t settle the debts themselves.
Collecting Necessary Tax Implications
The size of the estate determines if federal estate taxes apply. An estate that exceeds $1 million will require both federal and state estate taxes. The attorney calculates any tax implications for the family before the estate enters probate.
Acting As an Administrator
An estate owner could appoint a probate attorney as the administrator of their estate. The assignment enables the lawyer to divide the assets according to the estate owner’s legal will. The attorney manages the transfer for any titles or deeds associated with each property. They also provide access for the beneficiaries to monetary accounts set up by the estate owner.
In some states, estate owners identify new owners for irrevocable trusts, trust funds, and other assets within their estate. Attorneys could provide the estate owners with assistance before their death and ensure that their family receives their assets. Families that need assistance after an estate owner dies can contact a probate attorney in Rockford, IL through Crosby Law Firm or visit the website for further details.
