Memphis Contingency Probate Lawyer

Before reaching out to a Contingency Probate lawyer Memphis, TN families trust at Patterson Bray for assistance, many people wonder whether they need a probate lawyer. Have you lost a loved one recently? Are you trying to avoid probate but don’t know where to begin? We’ll start off by saying that probate can be tricky, and can result in family conflict and taxes to the estate if not planned for properly. Here we have gone over what you need to know about probate law, such as what it is, how it work, and whether you need probate lawyer to help:

Understanding The Probate Process

At its essence, probate is the legal process that happens after someone has passed away. During probate, the reliability of the deceased person’s will is assessed, and then someone is appointed to be the executor of their estate. The executor will manage and distribute assets to those listed in the will. However, if there is no will, then probate is utilized to determine who and in what amount beneficiaries should receive assets.

Probate usually begins after the deceased individual’s representative submits a petition to probate court. It ends when the court decides to officially close the estate. As your Probate lawyer Memphis, TN clients depend on can explain, the probate process covers various aspects of estate administration, including:

• Validating the will of the deceased

• Choosing an executor/representative of the estate

• Locating and calculating worth of assets within the estate

• Identifying beneficiaries or heirs and then distributing assets

• Paying off outstanding taxes and debts from the estate

What a Probate Lawyer Does

A probate lawyer is someone who offers advice to the executor or beneficiaries of the deceased person’s estate. Our responsibilities will vary based on probate laws for the state of Tennesee, and whether the person had passed away without writing a will. We can help with many duties throughout the entire probate process. For instance, we can find and secure assets, obtain appraisals of property, confirm that documents required by probate court are filled out correctly and submitted on time.

Furthermore, we can offer counsel on how to pay the deceased party’s outstanding debts and bills, and maintain records of transactions within the estate bank accounts. We can assist with paying estate and inheritance taxes, and answer questions about tax issues if they arise. Other tasks that we may help you with are listed as follows:

• Resolving disputes between representatives/executors and beneficiaries

• The sale of property within the estate

• Communicating with and distributing assets to beneficiaries

Patterson Bray

We are dedicated to helping people avoid and/or get through the probate process. Probate can take a few months up to a year or long, depending on the estate and circumstances. Call Patterson Bray today to schedule an appointment with a Contingency Probate lawyer in Memphis, Tennessee as soon as possible.

The Benefits of Having a Will By a Probate

Probate is a court-supervised proceeding where a will is verified and assets still titled in the name of a decedent (person who has died) are distributed according to the will or the law of intestacy if there was no will. The assets involved in this process are referred to as probate assets because they require a probate court order to pass title from the decedent to the beneficiaries. A probate can be easy to set up through an estate planning lawyer and addresses several important decisions.

A will is a legal document that provides direction on guardianship of children and distribution of assets upon death. The decision to create a will can be an emotional one. Nobody feels good thinking about their mortality, yet they do not want to burden loved ones once they are gone. If you have assets or children, it is a wise idea to have a will in place. Many decisions can be made easier and more in line with your values when you do.

Medical Directive

Typically, a will has addendums such as medical power of attorney and a living will. These documents can name someone to make medical decisions on your behalf if you become incapable of doing so. You can also communicate how much medical intervention you want to receive.

Appoint Child Guardian

When a single parent dies without a will in place, a court will need to get involved to appoint a guardian for the child. It can be a long process and it may not be the person you would have chosen. It is best to have this conversation with the guardian of your choice and have it legally written in a will.

Assign Pet Caretaker

If you are a pet owner, the animal is likely a valued member of your family. If you have a friend or family member who is also fond of pets, you can list that person as a potential caretaker if something happens to you.

Limit Tax Exposure

Taxes can be imposed upon your death, including estate and inheritance taxes. An estate planning lawyer has the expertise to help set up a will in a tax-advantageous manner to limit the amount of money owed in taxes.

Support Chosen Organizations

Many people have a charity, institution, or organization with a mission in which they believe strongly. A will allows you to direct a portion of your assets to that cause. You will be supporting something you care about as well as providing a tax advantage for your estate.

Doing some pre-planning and putting your decisions into a legal document will take added stress off loved ones after your death. A good place to start is by contacting a lawyer who specializes in wills. Depending on the size of your estate, it can be a straightforward process. It will give you peace of mind knowing your affairs are in order and your wishes will be followed.