Complex Estates And The Probate Process

Complex Estates And The Probate Process

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Usually, people consider wealthy people as the most fortunate.  However, they cannot imagine the complexity of their lives.   You enjoy life in the fullest form when it is simplified, isn’t it?  However, life throws unexpected challenges at the oddest time.  Court cases and lawsuits are the most unpleasant of them all.  It becomes all the more difficult if you are the owner of estates in multiple states.  Furthermore, if you have several creditors or many beneficiaries, things can get a bit sticky.  Hence, an experienced attorney is the best person to handle complicated matters regarding estates.  Thus, a probate lawyer Long Island can be your only hope to smoothen out the probate wrinkles.

Talk To A Probate Lawyer Long Island About Complexity Of Estate In Multiple States

If you are an estate owner in multiple states, you have plenty on your platter to finish off.  It is not easy to keep up with the various state laws and how they can affect your ownership.  If there are estates in multiple states, you may have to undergo probate proceedings in more than one place.  Nonetheless, the expenses and efforts involving probate could be exhausting. 

Each state comes under different jurisdictions.  Therefore, the real estate probate process follows the law of that state irrespective of where the owner resides. 

Suppose the beneficiary lives in Washington D.C.  At the time of death, the owner transfers his house in Florida, California, Arizona, and New York to the beneficiary residing in Washington D.C.  The court would conduct the probate process of the Florida home in Florida court.  Likewise, the court will hold probate proceedings of California home in California, and so on. 

Apart from paying the estate taxes of each state separately, the beneficiary will have to shuttle from one place to another like a ping-pong ball.  Furthermore, the beneficiary has to deal with several factors, such as –

  • Real estate taxes
  • Transfer of ownership
  • Insurance policies
  • Selling and disclosure
  • Estates under the trusts
  • Real estate transactions
  • Real estate contracts
  • Resolving disputes, and much more

Thus, it is advisable to consult a proficient probate lawyer Long Island to address estate issues to simplify the probate process.

Probate Lawyer Long Island Can Clarify The Beneficiaries Issues

Every parent showers their love for all their children equally.  Thus, it only makes sense to divide your estate equally.  In such a situation, there could be more than one beneficiary of your estate.  The probate is smooth if siblings or co-beneficiaries get along and make decisions in unison.  However, disagreement among beneficiaries can complicate probate.  Nonetheless, the probate process can be delayed indefinitely.  There are several probate pitfalls if there is more than one beneficiary, such as –

  • Failure to comply with probate
  • Contest a will
  • Unwilling to complete the formalities
  • Undue influence on the executor
  • Sale of inheritance
  • Tax liabilities of beneficiaries
  • Fraudulent

Thus, the profound knowledge of an impartial probate lawyer Long Island can settle the probate matter among beneficiaries.

Probate Lawyer Long Island Eases Several Creditors Issues

If you have taken debts from several creditors, you will have them running after you soon enough.   After your death, your creditors will not allow your family or beneficiaries to live in peace either.  

Law has made provision for redressing the financial concerns of creditors of the deceased.  Nonetheless, each state gives a certain amount of time to file creditors’ claims in the probate court.  Creditors’ proven claims are legitimate.  The descendants are obliged to pay all the expenses, taxes, and debts from the inheritance amount.  Thus, the probate court holds the beneficiaries liable to clear the debts.  

What happens when there are several creditors, and the dues exceed the value of the inheritance?  In such a scenario, you can depend on a seasoned probate lawyer Long Island to manage complications arising in a probate court.  

A brilliant estate planning can help in escaping the unwelcomed creditors.  You can slip away from creditors’ claim if the asset protection plan kicks in for the heirs.  Usually, proceeds from insurance or retirement accounts are off-limits for creditors.

Furthermore, creditors are not entitled to claim debt payment from irrevocable trusts for others’ benefit.  However, if you create a trust for personal benefits, you could be committing fraud.

Bottom Line

Probate issues, such as many creditors, beneficiaries, and estate in multiple states, need someone well-versed with legal complications.   Undoubtedly, the probate process can be daunting and complicated, especially if you do not have any legal background.  However, a probate lawyer Long Island is the perfect solution to every probate problem.  

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