While most people don't think about estate law until it's too late, it's important to understand the probate process if you want to ensure your assets are distributed according to your wishes and without unnecessary delays or expenses along the way.
This guide to Estate Lawyer Auckland will help you understand the fundamentals of probate and all the ways an estate lawyer can assist you during this process, so you'll be prepared and have full control over your estate when the time comes.
What is probate?
Probate is a legal process that ensures that a will is valid and can be honoured. It also settles the deceased's affairs and distributes their assets, including property, money and other possessions.
Business Lawyer Auckland is often called on to help with this process by identifying what assets need to be probated. The estate lawyer will take care of all court filings, necessary paperwork, and other tasks that are required for probation.
They'll also advise you of your legal rights during this difficult time. If you're dealing with any type of estate or trust matter, call an estate lawyer today for some peace of mind!
What are the steps in probating an estate?
The probating process is a very complicated and difficult one. With that being said, it can be done if you have enough support from those around you.
The steps in probating an estate are as follows:
1) Executor's Duties
2) Opening Letters of Administration
3) Advertise for Next of Kin and Legitimate Heirs
4) Inventorying Assets
5) Collecting Debts and Creditor Claims
6) Distributing Estate Assets
7) Closing out the estate
What does an executor do?
An executor is responsible for ensuring that an estate's assets are divided according to the terms of a will. An executor may also be responsible for paying off debts and distributing personal property, such as household items or jewellery.
The executor is also in charge of managing any real estate owned by the deceased person and overseeing transactions involving stocks, bonds, or trusts.
Executor responsibilities vary depending on whether there is a will or not. If there is no will, then it becomes necessary for an executor to go through probate court proceedings before being able to take over his or her responsibilities. This means that a petition must be filed with the probate court asking for permission to administer an estate without a will.
What does an attorney do?
You might be asking yourself, Who do I need to speak with about my estate? You may want to speak with an attorney or financial advisor. You may also want to speak with your close friends and family members.
If you are interested in speaking with a lawyer, you can contact an Estate Lawyer in Auckland near you.
Estate lawyers help people plan their estates, and they can often advise on how much money is needed in order for your estate to be distributed according to your wishes.
Some of the services that an estate lawyer might offer include drafting wills and trusts, administering estates, managing real property and other assets, acting as executors of estates, and helping families deal with the probate process.