Do I Need Probate?
- February 24th, 2018
Probate is the legal process by which a state court or court appointed agency supervises the distribution of a deceased estate-holder’s property. Probate may be done if there is a will or if there is not a will an estate will need to be administered through the court or court appointed agency. The probate process is often necessary and occasionally mandatory, depending on the particular state’s laws regarding estates and inheritances. Having an estate planning attorney in New Jersey by your side can help you understand if you or your loved ones having probate is best, as well as the next step to take in the process.
When deciding whether or not to start a probate case, many factors have to be taken into account. For example, if a person dies “intestate,” meaning they have no will and no controlling entity for their estate, probate is often triggered automatically to ensure the deceased’s property is fairly distributed to whomever it should be. Also it should be noted that by probating you will cut off the time when creditor’s claims can be filed which limits liability of the executor. If you are facing a decision to probate or administer an estate you should consult with an attorney or Law Firm like Faloni Law Group, LLC to find out your rights because as executor you could be held personally liable if mistakes are made. If a probate is filed and you have and you have not been notified or have been left out of the process it is vital to contact Faloni Law Group, LLC and time is of the essence because it attorney’s fees could be charged directly to you in the event the Will is contested.
If the deceased owns even a minority stake in any kind of real estate, and you are a beneficiary, it is vital for you to retain the services of a qualified attorney from a firm like Faloni and Associates, and file a probate case immediately. If a case has already been filed, you should consult with your attorney to determine how best to preserve your rights, up to and including contesting the will. An estate planning attorney in New Jersey will tell you that real estate law is one of the most complex legal areas especially when probate or estate .
If the estate has any significant debts, it will likely be a good idea at some point to consult an attorney or law firm like Faloni Law Group, LLC as not all debts can be collected directly from an estate, especially if an entity like a trust is in place. It is important to find out what debts are subject to a write off on income and inheritance taxes so the firm can save you from overpaying on your taxes.
Even if you don’t encounter any major debts, hire an attorney to make certain all the taxes are covered both for the estate and for any beneficiaries. Make no assumptions about this process, as estate taxes, inheritance taxes and income e taxes are all intertwined and can be an intractable nightmare.
One of the key functions of probate is to navigate through all these various financial and legal matters by taking advantage of the orderly processes of the court. Faloni Law Group, LLC has experienced attorneys ready to help you with your probate process and ensure that it is the correct option for you. Contact our office today to discuss your case.