What Can a Probate Lawyer Do for Your Estate?

A probate lawyer will play a very important role in determining the distribution of assets that were left behind by the deceased. They are highly trained specialists that have years of experience in all areas of probate law and are prepared to help you when you need them the most. This is often one of the most difficult areas of estate planning and can be extremely stressful for the attorney and the client alike. Here is a general explanation of what a probate lawyer does and how they can help you with your probate needs.

Generally speaking, a probate lawyer will take care of any final accounts, gifts, or money that was left behind by the deceased. They will also be involved in determining any outstanding debts that the deceased had and are owed by the beneficiaries of their will. Also, their involvement will likely focus on any federal estate taxes that are owed and the state tax rates applicable to the decedent's estate. In some cases, a probate lawyer may be asked to become involved with any final debts that remain after the decedent's death.

Many people don't realize that if there was an unexpected death, there could be outstanding debts that accrue immediately and become a part of the estate when the probate lawyer disposes of it. Any debts incurred during the lifetime of the deceased person are typically pass-through assets. These are subject to the estate tax. Any income tax payable on any assets that are considered pass-throughs will be paid by the beneficiary of the estate in question, not the estate in its entirety.

It should also be noted that if the probate lawyer does not obtain a court order for the distribution of the deceased party's estate property, then the beneficiaries of the estate property must take care of all distribution decisions themselves. This is referred to as self-settlement. Self-settlement allows beneficiaries to determine how their inheritance will be spent. If the beneficiary does not have sufficient assets to cover the distribution, they may be able to file a claim for additional compensation from the government, but they must do so before the probate lawyer disposes of the assets.

If the beneficiary of a decedent's estate does not have sufficient funds to cover the distribution of the estate, then they may need to obtain life insurance proceeds. Life insurance proceeds are generally exempt from inheritance tax, but in some cases, life insurance proceeds can be taxable. If the probate lawyer receives advance notice of a claim for the unpaid balance of taxes against the assets of the deceased party, the Probate Fee lawyer may have to provide any needed relief to the beneficiaries. It is not unusual for probate attorneys to seek a stay of execution to prevent the probate lawyer from having to commence actions for these types of claims.

In most states, probate lawyers are not permitted to act in a probate lawyer's name, but when they do they must disclose their conflict of interest. Disclosing conflicts of interest is part of their responsibility as a lawyer. Although they cannot act in the best interests of their client they may be required to speak on behalf of their client and they are also required to disclose any potential conflicts of interest that could exist. A probate lawyer does not have a fiduciary responsibility to his or her client and is not required to disclose a conflict of interest unless it is the subject of a legal proceeding.

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