Making plans to settle estate after a loved one’s passing can be difficult to do on your own, especially if there’s a wrongful death claim involved. There are many steps involved and legal documents to complete.There are many laws regarding estate settlement that are highly complex and are not always straightforward, especially if the estate is not exempt from probate. The average person does not have a strong level of legal knowledge, so trying to find the solutions for your particular situation can be hard. There are many misconceptions about planning estate settlement, so here are some common ones that you should be wary of.
You should not leave your estate settlement plans to just anyone, even if they are your loved ones. Whenever you are choosing an executor, trustee or other person responsible for your estate management, they should be someone that you can trust and rely on to take care of all of your estate-related tasks. You should also discuss your estate goals with your family and do not assume that they will know or do what is best for your estate without you providing clear and detailed instructions.
There is no guarantee that your estate will avoid going through probate unless you take the proper steps. You should have beneficiaries listed so that they can receive your assets that you intend to give them. The court will distribute your assets for you if you do not have any individuals listed in your will. Whether your assets will go through probate also depends on the state’s requirements. A trusted estate settlement attorney such as open from Carpenter & Lewis PLLC can explain the laws and how they impact your estate settlement.
Many people who are not familiar with estate planning assume that just because they are not wealthy, then estate planning does not apply to them. However, creating plans for an estate is something that everyone should do regardless of income or value of assets. You can still express your values and goals regarding your estate and include them in legal documents so that your decisions can be legally enforced.
Choosing not to hire a lawyer who has years of legal experience assisting clients with estate settlement comes with risks. It can become overwhelming quickly and if you do not know much about how the process should be done, you can face a number of issues. There’s a strong chance that you will run into a number of issues, or encounter legal terms that you’re not familiar with. If you do not have a lawyer, you can end up making a mistake that can set you back and waste time. Do not take the risk of trying to settle an estate without talking to a lawyer. Consult with a lawyer so that they can help you with every part of the estate settlement process.
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