Estate planning has many advantages and can make the probate process a whole lot simpler. Unfortunately, most people don’t plan for their death. Some don’t want to face their mortality, and others don’t understand how costly and time-consuming probate court can be. When an estate goes into probate, all financial matters are handled through the court. Once the assets and debts are recorded on court documents, they are available for anyone who is interested in viewing them. Some estate planning tools, such as trusts, can ensure assets and the people they are transferred to, remain private.
When a person dies with outstanding debts, it’s important to get an experienced Probate Lawyer in Timonium MD involved before any bills are paid. Probate law provides an order in which debts should be settled. An attorney might advise a family of the proper order and ensure bills are paid appropriately so the estate can be settled quickly. After debts are paid, assets can be distributed to the beneficiaries named in the will. If the decedent passed on without a will, the court will decide which heirs should receive their property. In cases where the deceased person was a parent of more than one child and died without a will, having an attorney might be necessary if more than one heir feels entitled to the certain property.
A Probate Lawyer in Timonium MD could help someone plan their estate to avoid confusion amongst their family after they die. There are a variety of tools that can make it easier to transfer property and look after the future financial well-being of loved ones. With a revocable living trust, a person can keep control over their assets while they are alive and designate what should happen to them after their death. Assets included in a trust can often bypass probate so heirs can take possession of them sooner. Lawyers like Maria Caruso work with clients who want to plan for their future every day. Although some people find estate planning morbid, it can actually be liberating to know loved ones will not have to fight over assets or pay a fortune for the estate to go through probate.
