Planning for the future is a necessary step in your succession plan but should you enlist legal help to make sure it’s done right?
An estate lawyer is a licensed attorney that has experience in settling the affairs of a deceased person. An estate lawyer has legal education in the matter and fully understands the ins and outs of the situation.
What will an Estate Lawyer do for you?
This type of lawyer is tasked with guiding a Personal Representative (beneficiary) through the probate process from beginning to end. There are many laws and regulations involved and can be a very confusing process to the inexperienced. If mistakes are made beneficiaries could lose out on large sums of money or property. Estate law is dependant on the laws of the province where the deceased lived at the time of passing as well as areas where property was owned.
The steps in the process are also altered if the deceased has left a last will and testament or not. If there is a will in place, the procedure is much easier than if there is no will. An estate attorney can also represent a beneficiary that wishes to challenge a last will and testaments validity. A special branch of estate attorney called estate litigators usually handles this.
Estate lawyers are also able to help in the creation of a last will and testament, as they can be a tricky process to complete. Making mistakes is not an option as value could be lost to taxes and other places if care is not taken.
- · Other functions of Estate Lawyers
- · Estate lawyers can assist and advise in the following ways:
- · Locating and valuing the property or other items of value
- · Prepare and file all necessary documents with the courts
- · Negotiating with life insurance companies
- · Dealing with retirement plans and other savings plans
- · Advising and negotiating payment of outstanding debt
- · Making sure bank accounts are up to date
- · Figuring out the tax situation for beneficiaries
- · Other income tax concerns
- · Mitigating disputes amongst beneficiaries
- · Assisting in negotiations regarding re-titlement
- · Distribution of assets
When there is a lot of value at stake, it is a wise choice to have an experienced estate lawyer on your side during the court proceedings. If you are looking for a suitable attorney in the Ottawa, Ontario area, you can use a Google search for the term “estate lawyer Ottawa” and you will receive a list of attorneys practicing in the area.