why do you need a lawyer for estate administration

An estate planning attorney can help you avoid taxes, so your family doesn’t have to deal with this problem. Estate planning is a process that should be started as soon as possible. You’ll need an estate planning lawyer who is knowledgeable and experienced to help.

Full Answer

Why do you need a lawyer for an estate plan?

Along with expertise, lawyers offer objectivity. By working with a lawyer, you’re going to bring that extra voice of reason to bear on current and future estate planning needs. Is it a good idea to leave your entire estate to your dog Buster?

Do I need a lawyer to wind up an estate?

Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure . But if you're handling an estate that's straightforward and not too large, you may find that you can get by just fine without professional help.

Who is the Administrator of an estate?

This individual -- called the Administrator of Estate -- is then in charge of paying outstanding debts and distributing property to relatives. Letters of Administration are issued by the court. A Letter of Administration serves the same purpose as a Grant of Probate, though they are used in different cases.

Are You a good candidate for handling an estate without a lawyer?

Here are some circumstances that make you a good candidate for handling the estate without a professional at your side. Not every one of them needs to apply to your situation—but the more that do, the easier time you will have. Most or all of the deceased person's property can be transferred without probate.

What happens if you don't have an estate plan?

Without an estate plan, you and your estate may end up paying more in the long run in professional fees, court costs, and taxes. Using a flat rate with an attorney will be much more straightforward and to your long-term economic advantage.

How many documents are needed for an estate plan?

A will is just one of those legal documents, albeit an important one. In fact, there are at least six “must have” estate planning documents you need. So, you don’t need to draft just one legal document and get it right, but several.

Do you need a will or estate plan?

Always remember, and never forget, you don’t just need a will, you need an estate plan. While the two terms “will” and “estate plan” are often used interchangeably, this is wrong, as they are two different things. An estate plan is a set of legal documents to prepare for your death or disability.

What happens if there is not enough money in an estate?

But if it looks like there won't be enough money in the estate to pay debts and taxes, get advice before you pay any creditors. State law will set out the order in which creditors get priority, and it's not always easy to figure out how to parcel out the money. The estate won't owe either state or federal estate tax.

How many states impose estate taxes?

More than 99% of estates don't owe federal estate tax, so this isn't likely to be an issue. But around 20 states now impose their own estate taxes, separate from the federal tax—and many of these states tax estates that are valued at $1 million or larger.

What are the tasks that require expertise and experience?

Managing, appraising, and selling a business are all tasks that require some expertise and experience. You'll probably want expert advice. No one is fighting. If disgruntled family members want to contest the will, or are threatening a lawsuit over the will, get a lawyer's help right away.

Is probate easier in states?

Probate is easier in states that have adopted the Uniform Probate Code (a set of laws designed to streamline probate) or have simplified their own procedures. The estate doesn't contain a business or other complicated asset.

Do you need probate if you have a trust?

But you won't need probate if all estate assets are held in joint ownership, payable-on-death ownership, or a living trust, or if they pass through the terms of a contract (like retirement accounts or life insurance proceeds). The estate qualifies for simple "small estate" procedures.

Can executors wind up estates?

Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure . But if you're handling an estate that's straightforward and not too large, you may find that you can get by just fine without professional help.

Can you transfer property without probate?

Most or all of the deceased person's property can be transferred without probate. The best-case scenario is that you don't need to go to probate court, because assets can be transferred without it. This depends on the planning the deceased person did before death—you can't affect it now.

Why Do You Need Letters of Administration?

You need Letters of Administration to begin closing a deceased person’s Estate. This document will give you permission to access their finances and assets, and manage them according to state law (Or the Will if there is one).

What Are Letters of Administration in Probate?

Letters of Administration in probate are the documents that allow the necessary legal processes to start. Probate refers to the practice of administering an Estate after someone dies; if the deceased person did not have a Will, probate cannot begin without court approval. This approval is granted in the form of a Letter of Administration.

Who Needs to Apply for a Grant of Letters of Administration?

You need to apply for a Grant of Letters of Administration if you are the closest person to someone who has died. This responsibility typically belongs to the surviving spouse; if the deceased does not have a surviving spouse the closest living relative (called Next of Kin) would need to apply for the Letter of Administration.

What Documents Do I Need for a Letter of Administration?

There are a few documents you will need when applying for a Letter of Administration. The exact list may vary slightly from state to state -- but you will generally need the following documents:

How Long Does It Take to Obtain Letters of Administration?

It takes anywhere from six to eight weeks to obtain the Letters of Administration -- assuming the application was filed with all of the necessary documents. There are a few factors that can extend this timeline, for example if there is a disagreement over who to name as the Administrator of Estate.

What Can I Do With Letters of Administration?

Now that you’ve obtained the Letters of Administration, you will be able to manage assets and funds on behalf of the Estate. With this document, you can access the decedent’s finances and make management decisions accordingly. The Letters of Administration will also allow you to delegate assets and funds to relatives.