why people hire an estate administration attorney

Full Answer

Is estate planning for the rich?

No. When you think of estate planning, you may envision someone very wealthy and believe this doesn't apply to you. This is a common misconception. Estate planning is one of several key areas of financial planning to address throughout your life.

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

How much does an estate have to be worth to go to probate in Texas?

$75,000Probate is needed in Texas when someone dies with assets in their single name, whether they have a will or not. Full court probate (court supervised) is required in Texas when the total assets of the estate are greater than $75,000 and or if there is a will.

Why is estate planning so important?

Estate planning is important for everyone, no matter their age or wealth. Estate planning avoids taxes and legal tie-ups, and ensures funds are bequeathed as you wish. An estate plan appoints the right people to take care of your kids and even you if you're incapacitated.

What is the first step in estate planning?

Step 1: Sign a will You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.

Can you empty a house before probate?

That answer is simple: no. The executor will have to wait until the probate process is over before disposing of assets.

Do you still need probate if there is a will?

If you are named in someone's will as an executor, you may have to apply for probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in the will. You do not always need probate to be able to deal with the estate.

Can I sell a house before probate?

Technically the answer to 'can you sell a house before probate' is yes, yes you can. Although you will need probate to exchange and complete, nothing is stopping you from listing your house on the market and accepting any offers, if you get them, before being given the Grant of Probate.

Is estate planning as simple as saying who should get the good china when you're gone?

Estate planning isn't as simple as saying who should get the good china when you're gone. There are lots of situations that could make your planning a little more complicated.

Do I need to include business in estate planning?

If you own a business, you'll need to include that in your estate planning, too. This is another factor that can make planning a major headache -- which is where attorneys are so helpful.

Can I use a lower level attorney at a small firm?

You will likely be well served by a lower level attorney within a big firm or a practitioner at a small firm. But if there are complex trusts, large-value assets held within incorporated entities, etc., you very well might need something more than a single practitioner or small estate firm can provide.

Do executors get along with estate attorneys?

Finally, as estate executor you have to be able to get along with the estate attorney because you will have to work with him/her relatively often. This does not mean you expect to be best friends, but it should be someone you trust and respect.

Can an executor live in a different state than the decedent?

Many people who serve as executor or executrix live in a different state than the decedent (will writer). While determining which state’s law will govern the administration of the estate can be complex, you can generally assume the law of the state in which the decedent resided will be the law that will need to be followed. ...

Why is it important to hire an experienced lawyer for estate planning?

Helps You to Reduce Errors. In general, people are not aware of all the rules and regulations of estate planning. If you make any mistakes or errors while planning, that can create serious problems in the future. So, it’s better to hire an experienced lawyer who can provide you error-free estate plans.

Why do you need an attorney for a trust?

An attorney will help you understand more about your family, your long-term goals, etc. They can help you know everything about different trusts, and you will get expert guidance. When an experienced lawyer handles your plan, you will be in peace of mind that your estate is planned based on the guidelines and your needs.

Can you be certain about your state laws?

You Can Be Certain About Your State Laws. An important thing to note, every state has not the same rules and regulations. So, you can be certain about your state laws about estate planning when you hire a lawyer of your state.