From Drafting Wills to Assisting Beneficiaries, Estate Planning Attorneys Do More Than Just Planning
Estate planning lawyers do more than just plan for the future of their clients, they also guide beneficiaries through the legal process of locating and securing assets, collecting on and cashing in insurance policies and bank accounts, and advising on the sale of an estate.
Estate planning lawyers, also known as probate attorneys, are often hired to draft Last Will and Testament documents for clients who are looking ahead and wish to have their assets divided among loved ones, or left solely to a particular individual. No matter whom they wish to leave an inheritance to, estate planning lawyers guide clients through the legal system, ensuring them that their final wishes are upheld in a legal manner.
Probate attorneys can do much more than just planning for the future with their client. They can also assist beneficiaries in locating, securing and selling assets. In the event that you have become the beneficiary of an inheritance, hiring a probate attorney to advise you through the legal process can ensure that you receive the assets that you are entitled to.
Hiring An Estate Planning Attorney to Assist With Financial Matters
When beneficiaries come into an inheritance, one thing they may not consider immediately is how they are going to settle financial obligations that belong to the deceased person who has left them assets. Property taxes, outstanding loans and immediate debts should be addresses as quickly as possible to avoid any penalties to the estate. An experienced attorney can help a beneficiary by sorting through the deceased party's financial obligations and recommend a course of action on paying down debts. They can also determine if income tax or gift tax is applicable toward the inheritance, and determine if payments can be made to cover taxes or if the sale of assets is warranted to cover the costs.
On the other side of the spectrum, probate attorneys can locate and secure material assets and financial capital that were left to the beneficiary. This may include property deeds and titles, bank accounts, stocks and bonds, retirement accounts and insurance settlements. Having estate planning attorneys secure an entire inheritance can ensure that the beneficiary does not neglect to maintain accounts that they are now responsible for. Property should be retitled into the beneficiary's name, and life insurance policies and retirement accounts should be collected on and redistributed into new bank accounts also in the beneficiary's name for the purpose of securing the inheritance.
Probate Attorneys Can Assist in the Sale of Inherited Property
If, for any reason, a beneficiary decides not to keep their inherited property, having a probate attorney assist in the sale of this and other assets can be an invaluable resource. Probate attorneys specialize in inventorying inherited property, obtaining appraisal value on items within the property and assisting with the sale of inherited items. They also prepare and file any required documentation through the courts, ensuring that nothing is overlooked with the sale of the estate.
Hiring a probate attorney to execute the sale of inherited property can help beneficiaries avoid legal issues and complications, while helping them to collect fair market values on the items they wish to sell. Anyone that has come into an inheritance, no matter how large or small, may want to consider consulting with estate planning attorneys to decide what their best course of action may be.
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ABOUT THE AUTHOR
The law firm of Peck Bloom, LLC has experienced estate planning attorneys in Chicago. These Chicago estate planning lawyers are ready to assist you with any concerns regarding probate, asset protection and estate planning. To speak with top, Chicago probate attorneys, contact Peck Bloom, LLC at (877) 845-1743.