Top estate planning and probate attorney David Russ founder of DSR Legal, PLLC emphasizes the importance of understanding the probate process to ease the emotional and legal burdens families face after a loved one’s death. For more information, please visit https://dsrlegal.com/
-- The death of a loved one can be a major shock to the family dynamic. However, picking up the pieces of their estate and everything that entails can be even more overwhelming, said David Scott Russ, Founder of DSR Legal, PLLC, in North Carolina.
For more information please visit https://dsrlegal.com
He advised that a family would be best positioned if they were aware of a relative's estate plans from the start so that when death occurs, they can be in a better position psychologically to handle what follows.
‘’Probate, in simple terms, is the process of validating a will or administering an individual's estate after they die. This includes an inventory of an estate, including bank accounts, pensions, other financial assets, property, cars, or anything physical and digital that a person owns’’, David Scott Russ said.
Any outstanding debts against the estate must be paid off before the final assets can be transferred to the named beneficiaries, as highlighted in a will.
When an estate plan is devised by an estate planning attorney, the vital point is the person named as the executor, personal representative, or administrator. They have to ensure the decedent's written wishes are carried through.
The executor is often the spouse of the deceased or the estate planning attorney who devised the plan. For planning purposes, it would be ideal to have all important documents of an estate plan gathered in one place.
These documents include certified copies of the death certificate, last will and any codicils, bank statements and financial documents, a list of a loved one's assets, and names and contact details of the heirs and the individuals named in the will.
The first step is to petition the court to open probate of the estate. He said: "In most states, they'll need to file the petition and the will with the probate court as soon after a person's death. Courts usually have a form for this, so it doesn't have to be an overly complicated process."
A probate judge will then hold a court hearing to confirm the will's validity and for any relevant parties to object to it going to probate. Early in the process, an executor must locate and take into possession all the assets left by the deceased so they can be protected during probate.
He said. "It's up to an executor to find these hidden assets by combining tax forms, insurance policies, and bank statements."
An executor will also be tasked with identifying and notifying the deceased's creditors, if any. Additionally, an executor must publish an obituary in a local newspaper to notify unknown creditors.
Once done, an executor can use estate funds to pay for the deceased's outstanding bills and debts. They must also prepare and file tax returns for the year the decedent passed away.
Once these are completed, an executor petitions the court to legally distribute the remaining assets to any beneficiaries specified in the will.
Probate can take a few months to conclude. However, if more complex issues are involved, the timeframe can last over a year. Some factors that could impact the length of probate include the size of the estate plan, challenges to the will, and any business interests that need to be divested.
"Seeking advice from an estate planning attorney and creating an estate plan that accords with your wishes can help prevent your spouse from facing lengthy proceedings. Planning for the future now can prevent more challenges for loved ones," David Scott Russ concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: David Scott Russ
Email: Send Email
Organization: DSR Legal, PLLC
Address: 3604 Shannon Rd STE 105, Durham, NC 27707, United States
Phone: (919) 756-3288
Website: https://dsrlegal.com
Release ID: 89165283
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