When someone passes away, their earthly possessions usually go to their next of kin or anyone else they have designated in their estate planning document. A will must go through a legal process called probate. Here is some insight into what probate is and why a probate lawyer should help you.

Will Validation

Unfortunately, some unscrupulous people have tried to pass off fake wills to name themselves the main beneficiary. That’s why a will goes through a probate process, in which the court system validates the will. As long as the deceased legally named assets, beneficiaries, witnesses, and an executor and had a lawyer's help, it can cut down the time the validation will take. In our experience, the average time for the probate process is about a year in some states, but sometimes it may be more.

Asset Collection

At this time, assets will be gathered. Such assets include all financial accounts, such as investments or bank accounts. If there is an art collection, vehicles, or real estate, they'll be collected for proper allocation.

Filing Process

The probate process isn’t free. How much your probate filing costs depends on your state and how big your estate is. According to the inheritance funding company Inheritance Advanced, over $2 billion is spent annually on American probate cases. If you hire a probate lawyer to help you, that can add to the expense. However, it may actually save you money in the long run with their knowledge and expertise.

Paying Creditors

Before any heirs inherit from the estate, creditors must be paid first. The probate process of the court system allows any creditors to make their claim. Your probate lawyer may also proactively pay down those debts to get them out of the way. Just understand that whatever the estate owes will reduce any inheritance going to heirs.

Asset Distribution

Whether the person has a will or not, their assets will be distributed accordingly. A valid will should have directives that specify what beneficiaries get what items. Otherwise, asset distribution is in the state's hands. In most cases, the state will allocate leftover assets to the next of kin, such as spouses and children.

Our practice has been around for over 100 years, and we handle many aspects of real estate, business, and estate planning law. We can help you create a legal will, trust, or other estate planning options. Are you ready to give yourself peace of mind and protect loved ones? Contact us at the Law Office of Matthew J Lester, PLLC today for free consultations with a probate lawyer.