Protect Your Business Interests with a Probate Estate Administration Attorney

When a loved one passes on, the last thing on your mind should be the legal matters associated with the transfer of your loved one's assets. The ideal time to consider these matters is before a tragedy has hit, but we know that you may not have necessarily considered these things in advance. Whether you are being proactive or you are trying to find out your rights under a time constraint, we can help you learn how to protect your business interests with a probate and estate administration attorney.

What Is Probate?

Probate is the legal process by which property is transferred upon a person's passing. The property that is subject to probate is the property which is owned by the deceased that does not pass to others by designation or by ownership. A few examples of property that would pass by designation or ownership is 'payable on death' bank accounts and life insurance policies. Any other property is put into probate and is dispersed by a court.

Can I Avoid Probate?

Many people want to know if they can set up their interests, business and otherwise, in a fashion that will allow their designated inheritors to avoid probate. A will alone may not be enough to avoid probate. Many wills are not executed properly and often the details associated with a will are contested. John N. Kitta& Associates is able to help you with the specifics of your assets and will, but in general, a few ways to avoid probate include the following:

• Gifts
• Joint ownership with the right of survivorship
• Revocable trusts

By working with a probate and estate lawyer, you can decide which is the best option(s) to ensure your beneficiaries will not have to go to probate.

What Happens in Probate?

If you do not protect your business interests beforehand, the process of probate will take place. Generally, the steps of probate are the same and include the following:

• All property of the deceased will be collected in preparation for probate.
• All debts, taxes, and claims on the estate must be paid.
• All rights to collecting dividends, income, and other such monies will be addressed.
• Disputes on the estate will be settled
• All remaining assets will be dispersed by the court.

If you find yourself making a claim against a probate, do not hesitate to give us a call. We are here to help you get the best outcome possible.

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Weston Barnes is a write and an avid reader. When he's not writing about business, marketing, health, pets, or relationships, he's immersed in his latest book.