Estate Planning Lawyer
A probate lawyer assists individuals and families in administering estates, defending the validity of a will, and the use of estate planning tools including trusts and wills. Should you be in need of probate services, contact a law firm to schedule a consultation with a probate lawyer. They represent beneficiaries, estate executors as well as those who wish to contest a will or trust. Here are some of the most common legal services that lawyers provide:
- Assist in locating and identifying the deceased’s assets.
- Hire and oversee an appraisal company to determine the value of the estate’s assets.
- Complete and submit all required documentation to establish the estate’s designated executor prior to them performing their duties.
- Establish an estate account with a bank.
- Deposit the deceased’s cash funds and transfer funds from the deceased’s financial accounts into the estate’s bank account.
- Receive the funds from the deceased’s life insurance payout and deposited into the estate’s bank account.
- Represent the estate in sales of its real property to liquidate the assets in advance of paying creditors or distributing the funds to heirs.
- File all necessary tax funds, including on behalf of the deceased’s final tax return.
- Defend the estate and the executor from litigation, including any contest of will legal actions or claims against the estate by the deceased’s creditors.
- Perform and maintain and account of all the estate’s assets and disbursements made by the executor.
- Distribute the remaining funds and assets to heirs after paying the estate’s debts.
- Determine a fair and standard commission fee for the estate’s executor.
Establishing a Bank Account for the Estate
A probate lawyer can assist you in establishing a bank account, which is often a necessity in administering an estate. Should you sell property or other assets owned by the deceased and/or close the deceased’s financial accounts, the funds should not be deposited into your personal account which is why a checking account must be established for the estate. A probate lawyer from our firm will be able to provide insight into tax concerns you might have with regard to managing the estate.
Protect Your Best Interests During Estate Litigation
When estate litigation erupts, it is often contentious and emotional. This is because it typically involves family issues, dissolved relationships, and finances—any of which can be triggers and lead to stress. It may require hiring an experienced estate planning lawyer in Memphis, TN in order to protect your best interests and create a buffer between you and the other parties involved in the litigation. A probate lawyer represents defendants in estate matters as well as those who contest wills and trusts. This full range of experience enables probate lawyers to accurately anticipate what the other party’s lawyer may do and thus develop a proactive legal strategy to protect their client.
Thanks to Patterson Bray for their insight into estate planning and the services a probate lawyer can provide.