Property inheritance can be daunting. Beneficiaries and executors often have a hard time transferring the estate due to the complicated nature of the probate process. As such, many people opt to hire a deceased estate lawyer to handle the probate process. Below are a few other reasons why you should hire a probate lawyer.
An intestate death refers to a situation where a person dies without a will. In Australia, there are specific laws that determine the division of such property. A deceased estate lawyer will help you file probate and tell you the likely outcome of the probate process. Besides this, he or she will also conduct searches to identify the deceased person's assets and liabilities.
Differences between beneficiaries
It is best to hire a deceased estate lawyer if the beneficiaries have different opinions about how the property should be shared out. The lawyer will evaluate the deceased person's will and spell out what each person should receive. He or she will also explain how trusts work.
If you are a beneficiary who feels that the will was written under duress, then you may seek to contest the will in court. A deceased estate lawyer will conduct investigations into your claim and advise if it is feasible to take the matter to court.
Property taxes and debts
A deceased person's property may be subject to various state taxes. A lawyer will guide you through paying estate taxes before you inherit the property. The lawyer will also pay the deceased person's debts. If the person's debts are more than his or her assets, the lawyer will advise you on the best way forward.
If the deceased person had a vast estate, then you have to ensure that businesses continue to run before the beneficiaries take over. A deceased estate lawyer will help you come up with a wealth management plan. He or she will also advise on financial assets such as stocks and bonds. The lawyer will help you understand if you will continue to benefit from intangible assets such as copyrights if they exist.
A deceased estate lawyer will guide you on how you to transfer the inheritance into your name. If some of the property is jointly owned, the lawyer will intervene to ensure that you get your share.
Deceased estate lawyers are a vital part of the probate process if the person died intestate, if there is a conflict between the parties or if there are debts to pay. They also help with wealth management and property transfer.Share