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.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
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.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell 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.
Included in the paperwork you need to find are any deeds, titles, and financial papers. The deeds will be for the real estate, and the titles will be for personal property such as cars, boats, and recreational vehicles. All of this paperwork should have been recorded, so if you fail to find originals, your lawyer can research the items and get copies from the courthouse.
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.
Anything the deceased has bequeathed to family members, friends, or charities must be removed from the personal items to be liquidated. It is a good idea to ask family and friends if there are any other special mementos they would like before selling as well. The court does not have to approve an estate sale. Some contact auction houses to catalog and sell 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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