Do you have a property or estate that needs settling? Let estate planning firms provide the legal expertise you need when advice and help. If you find yourself asking, “what is an estate planning attorney? you will learn that an estate attorney is someone who understands how to advise personal representatives and executors or estate beneficiaries on matters pertaining to settling all of the affairs of a deceased person. The attorney typically works for estate planning firms.
And estate planning attorney Phoenix, also called probate lawyers or estate attorney Phoenix, provide estate planning information and also work to take the representative or executor through the entire probate process. This trust attorney Phoenix can also be hired to advise beneficiaries on legal and other matters. There are so many factors to consider and understand when handling the deceased’s estate. That’s why working with estate planning firms is best, because those who need information or legal representation can work with an experienced team.
Estate attorney Phoenix can assist with locating and securing assets, collecting life insurance proceeds, obtaining appraisal of property, appropriating and allocating funds including IRAs and 401(k)s, advising payment on final bills or debts, managing the estate checking account, addressing or resolving income tax issues, assisting with property sales, retitling assets to beneficiaries and handling court documents in a timely manner.
Assets owned exclusively by the deceased person, known as the “decedent” are subject to probate. In many cases, partial interests in assets owned by the deceased person are also subject to probate. Assets not owned by the decedent, like those held in a revocable living trust or in a joint tenancy, are not normally subject to probate. These matters are handled by a probate law attorney working within estate planning firms.
Even for assets owned exclusively by a decedent, however, there may be some exceptions and formal probate may not be required. If the decedent’s estate was less than $150,000, faster and easier summary administration procedures are available and formal probate can be avoided. Additionally, property may pass to a surviving spouse without the need for probate administration under certain circumstances. These strategies are best used in cases where the decedent had little or no debt and had no heirs whose claims are likely to be disputed.
Estate planning involves both planning for the possibility of mental incapacity and planning for certain death. It’s important to work with an estate attorney Phoenix when their are legal matters or issues that need to be resolved on the behalf of the deceased or incapacitated. Estate attorney Phoenix will aid in the court supervised process, known as probate, which involves the inventorying of all assets. The laws of the state where the deceased lived dictate probate. The probate court can tie up property for months or even years before a person can gain access. Working with an estate attorney Phoenix can help expedite the process.