Probate Lawyer Creve Coeur, MO
A probate lawyer Creve Coeur, MO trusts will tell you probate is a legal process that involves an executor who has many duties, including contacting creditors, paying off debts, and distributing assets according to the deceased person’s wishes. The court oversees this process, regardless of whether or not a will exists. When there is no will, a judge will name the executor, and distribute the assets according to the laws of succession in Missouri.
As a probate litigation lawyer, we have seen an increase in probate litigation cases. This is likely due to the reality that families can be more complicated than they once were, often resulting in divorce, remarriages, and multiple children. When a dispute occurs, for any reason, it is essential to retain a litigation lawyer – especially if you are closely tied to an estate. The sooner you do so, the better.
Probate Litigation
Once a will has been discovered and filed at the probate court nearest to the decedent’s last residence, various steps must be taken, including:
- Notifying heirs of the death
- Notifying creditors of the death
- Gathering all assets and safekeeping them
- Valuing and selling any assets to pay off debt
- Distributing the assets
There are many duties involved, and creditors and heirs will have rights and limitations that must be considered. The probate process is a public record; thus, it can be viewed by anyone. If you or someone else is unsatisfied with the provisions and results, a will challenge might ensue.
If this should occur, a Creve Coeur, MO probate lawyer will file a petition to challenge the will. A lawyer might encourage communication, open dialogue, and mediation to prevent the case from going to court. This may be done to reduce costs and time. When negotiations are unsuccessful, a lawyer will prepare for litigation. This is a very contested area of the law and often involves heated arguments, a lot of emotion, and ample amounts of time and money.
Most Common Reasons to File a Dispute
There are many different reasons for a will challenge or dispute to occur. Most involve at least one of the following:
- Undue influence
- Forgery
- Fraud
- Lack of mental capacity
- Improper signing of a will
- Duress
- Multiple wills exist
- Intentional interference with an expectancy
- There are missing or stolen assets
- Probate litigation might also include:
- The wording, or construction of a will
- The determination of a will’s validity
- Whether there was a breach of fiduciary duty
- The removal of an executor
- Whether there were fraudulent accounting acts
There are strict time limits to contest a will. Some states have short statutes, even as little as 20 days. If this statute has passed, you may lose your right to contest the will. There are exceptions, and a probate litigation lawyer can explain this to you in further detail. For instance, if you are a child of a parent who died, but did not have contact with that parent, and was not notified of their death for many years, but believe you should have been included in the will, it may be possible to proceed with a litigation case. Before you do anything, calling a Creve Coeur, MO probate lawyer may be in your best interest.
If you were named the executor of a deceased loved one’s estate, you might feel overwhelmed at this time. Being the executor of a will is a huge undertaking and comes with many duties. If you’ve never acted as an executor in the past, it can be easy to make a mistake. Here are some of the most common mistakes often made by executors.
Distributing Assets too Soon
One of your most significant responsibilities as an executor is distributing assets to the rightful heirs. Some heirs may pressure you to distribute these items as quickly as possible. However, you shouldn’t distribute assets until you’ve paid off all the decedent’s debts. A probate lawyer has seen executors distribute assets too soon and not have enough money left in the estate to pay off creditors. If this happens, you could be held liable.
Not Recognizing Non-Probate Assets
Non-probate assets can bypass the probate process and be given to the beneficiaries right after the descendant’s death. Common types of non-probate assets include jointly held property and trust assets. If you don’t acknowledge these assets in the beginning, you could delay the entire probate process.
Waiting too Long to Start the Probate Process
When you’ve just lost a loved one, it can be challenging to move forward. While you should give yourself time to grieve, a probate lawyer in Creve Coeur, MO advises against waiting too long to begin the probate process. Creditors expect to be paid what they’re owed, and heirs want to receive their assets. The longer you wait, the pushier they all will become.
Failing to Communicate Openly With Heirs
Your heirs want to stay informed during the process and deserve to know how you’re handling the estate. It’s essential to communicate with your heirs regularly throughout the probate process. Even if you experience setbacks, you should let your heirs know right away.
Calculating Estate Taxes Incorrectly
All estates are subject to estate taxes. If you don’t calculate these estate taxes correctly, you could cost the estate extra money. If you’re unsure about how to calculate these taxes, you should consult with a lawyer.
Failing to Hire a Probate Lawyer
Probate can be a complicated and stressful process, especially after you’ve just lost a loved one. If you try to do everything on your own, you could get overwhelmed and make costly errors. That’s why it’s in your best interest to hire an experienced probate lawyer in Creve Coeur, MO. He or she can help you get through the probate process in a timely and stress-free manner. Your lawyer will be there to answer all of your questions and protect your best interests. Contact Legacy Law Center today.
Understanding the Executor’s Role
When someone has passed away, an appointed executor will step in to manage the estate. This is a role that carries great responsibility, and when developing an estate plan and will, it’s critical to choose the right person carefully. Choosing someone you trust, capable of promptly taking action to resolve the estate, will be incredibly valuable. Whether you are developing your will or have been appointed as the estate executor, it may be in your best interest to contact a lawyer. Our Creve Coeur, Missouri probate lawyer at Legacy Law Center can provide the guidance needed to ensure a smooth process. This is especially true considering that the process for an executor can be complicated, and knowing the appropriate steps to take may call for help from a legal professional.
Choosing an Executor
The responsibility of an executor is critical when it comes to managing an estate. When creating an estate plan, the person you appoint to be the executor will be essential, and because of this, it will be important to choose wisely. Our probate lawyer in Creve Coeur, MO shares some tips that may assist in selecting an executor are:
- Pick a responsible person who can resolve the estate promptly.
- Choose a financially savvy person. Someone who has made poor financial decisions in the past may not be the right person to manage another person’s affairs.
- Make sure the executor is someone who can play an impartial role should disputes among beneficiaries arise.
- Choose someone willing to take on this responsibility, and that can be trusted to manage the process in the way you would have liked.
Some of the biggest mistakes someone can make when developing an estate plan are to either fail to name an executor or choose someone who cannot properly manage the estate. Taking the time to carefully consider your options will make a significant difference when managing the process in a timely and appropriate manner.
The Executor’s Role
An executor is an appointed person responsible for carrying out the terms of an estate plan and the last will. They will be responsible for ensuring that a person’s final wishes are carried out as outlined within their estate planning documents. Typically, an executor is responsible for the following:
- Obtaining the death certificate, which will need to be provided to several parties. Including financial institutions, probate court, and more
- Communicating the decedent’s wishes about their funeral and making the proper arrangements
- Notifying the appropriate parties of the decedent’s passing
- File the will in probate court
- Open a bank account to manage estate business
- Pay all debts on the estate
- File an income tax return and pay all taxes owed on the estate
- Distributing assets to beneficiaries
Managing an estate can be difficult. When dealing with another person’s assets and final affairs, you will want to ensure that you have carried out their wishes in the way they wanted. Amidst all of this, you may be experiencing pressures from family to distribute assets quickly, and in some cases, you may be caught in the middle of familial tensions. To manage the many challenges that might come with probate, and the process of settling a decedent’s affairs, contact a Creve Coeur, MO probate lawyer you can depend on at Legacy Law Center to get started.
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Common Myths About Probate
Probate has earned a pretty bad reputation throughout the years. However, you should not always believe everything you hear. Here are a few common myths about probate that you should not believe.
- The probate process always takes a long time. One of the most common misconceptions about the probate process is that it always takes years to complete. However, in most cases, probate can be completed in a year or less. More complicated and wealthy estates, on the other hand, may take longer to complete. This is especially true if heirs try to contest the will in court.
- Probate is very expensive. Many people fear that the cost of probate will eat up all the assets in an estate. Luckily, this is not true. Generally, the probate costs are just 5 percent of the value of the estate. That means that heirs should still be able to get their inheritances. However, if someone contests the will and the dispute goes to trial, it can cost tens of thousands of dollars.
- If there is a will, the estate does not have to go through probate. Another common myth a probate lawyer in Creve Coeur, MO hears is that an estate with a will can skip the probate process. The truth is that wills do have to be probated in court. If you put certain assets in a trust, those assets can bypass probate and go straight to your beneficiaries.
- The oldest child is always chosen as the executor. It is true that many people appoint their oldest child to be the executor of their will. However, it does not have to be that way. You can appoint any family member or friend who lives in Missouri to be ahead of your estate. Just make sure that the person you select is trustworthy, organized, honest and communicative. If you can’t find the right person within your family or friends circle to do the job, you can appoint a lawyer.
- If you die without a will, the government will get your assets. It is always recommended to have a valid will in place. However, if you don’t, your assets still likely will not go to the government. Your assets will likely go to your surviving spouse. If there is no spouse, your assets will go to your children.
What Is Probate?
As a probate lawyer Creve Coeur, MO residents trust can explain, probate refers to the court process in which a will is proved valid or invalid. During this procedure, creditors have the chance to file claims against the decedent’s estate. After these claims are paid, the executor can begin distributing the estate’s assets to the proper heirs.
Are All Assets Subjects to Probate?
If they are held in the decedent’s name, assets are usually subject to probate. However, if assets are also held in someone else’s name, they might not have to go through probate. For example, if assets are held in a joint tenancy, they would automatically go to the other owner when the first owner dies.
How Long Does Probate Take?
The length of time probate takes is a common concern people have. They may assume that the process takes years. However, if there aren’t major complications in the will, probate can usually be completed in less than a year. On the other hand, if there are issues that come up, the process can take longer. For instance, if someone decides to contest the will, it can prolong the probate process.
How Can You Make Probate Easier?
Probate has a long reputation of being a long and complicated process. However, that does not mean that you can’t take steps to make it easier. One of the best things you can do is choose a responsible and dedicated executor. He or she can ensure that the process runs as smoothly as possible. It’s also wise to hire a Creve Coeur probate lawyer to assist you with the process.
What Happens If There Is No Will?
If there is no will at the time of death, the state will take over the estate and appoint a personal representative to manage it. The personal representative will distribute the assets to the decedent’s heirs. For example, if there is a surviving spouse and children, the spouse may receive half the estate. Then, the children get the other half divided equally amongst themselves. To make sure that your final wishes are carried out and your assets go to the right people, it’s important to have a proper will.
How Do You Avoid Probate?
Some people would rather not go through the tedious process of probate. If you are in this situation, there are various steps you can take to avoid probate. For instance, you could set up a trust, name beneficiaries or establish a joint ownership of property.
Do I Have to Hire a Lawyer?
While you are not required to hire a lawyer to complete the probate process, it’s in your best interest to do so. Probate can involve many complexities and you don’t want to make any mistakes. A Creve Coeur probate lawyer can guide you through the entire process and answer all of your questions. He or she may help you finish the process faster and give you a peace of mind.
