When a loved one passes, the family has to disperse whatever assets the person left behind. If a will is in place, it makes it easier to decide how to divide property. If there are stocks, bonds, and numerous personal and real property assets, your loved one probably already had a lawyer who drew up a will and any other relevant paperwork. If this person is an experienced probate attorney, contacting her as soon as possible after the death of the family member is important.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Even if you are named the executor in the will, you can't begin to disburse assets until you get approval from the court. Petitioning for probate takes a month or longer. There has to be adequate time for creditors to be identified and notified. The administrator must be officially appointed, and the will admitted. Once you, as the executor, receive notification from the court, you can begin the process of liquidating property.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
No matter how organized the estate is, your lawyer will need pertinent paperwork before petitioning the court. You can look for deeds, titles, and the will in the individual's office or home safe. There may be a safety deposit box located in the vault of a local bank. If there is no will on record, the person is said to have died intestate. This makes the probate process more complicated. If the person died testate, an administrator is probably indicated in a recorded will.
Before you can begin the process, you must have the will and the death certificate. Inventorying the assets in advance will speed up the process. If you are working with a new lawyer, the initial consultation may be gratis. The more information and paperwork you can provide, the better off you will be.
While you are searching for the loved one's will, you should also be looking for titles to real and personal property as well as other financial papers. There should be deeds to homes and land, if any are owned. If you can't find the paperwork, your lawyer can do the research at the courthouse to get copies.
Even if you are named the executor in the will, you can't begin to disburse assets until you get approval from the court. Petitioning for probate takes a month or longer. There has to be adequate time for creditors to be identified and notified. The administrator must be officially appointed, and the will admitted. Once you, as the executor, receive notification from the court, you can begin the process of liquidating property.
Before holding any public sale of personal property, family and friends should have the opportunity to pick out items they want to keep. If the deceased has willed certain items to family members, charities, or friends, those things must be dispersed. Auction houses conduct estate sales for families all the time. Yard sales are good for getting rid of inexpensive items.
Real estate holdings can be handled through a Broker who is familiar with estate sales. Real property is often auctioned, but can be listed for private sale. The property has to be sold for fair market value. Whoever administers the estate is responsible for disbursing the proceeds of the real estate sale and is accountable to the other heirs.
The death of a loved one is a difficult time for family and friends. Having an impartial third party involved in this process can make liquidating assets much easier. This individual can help make certain the wishes of the loved one are carried out.
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