Anyone who has done their own estate planning understands that it is not always the easiest thing to handle. There are many finer points, small details and major decisions to be made, and as they have to do with the end of life, few of them are easy or pleasant. Yet, made those decisions must be, and it is always of great benefit to work with a skilled Lincolnshire estate administration lawyer during the process.
Understand Estate Administration
Why would you require a Lincolnshire estate administration lawyer as part of the estate planning process? Technically, they may not even be involved in your estate after you have passed. Instead, they can just help you to create the ideal scenario in which your estate and probate processes are administrated by the person of your choosing, commonly called an “executor”. They are the individuals assigned with such duties as:
- Gathering your assets (either on paper or in reality)
- Managing assets for your estate
- Dealing with debts remaining after you have passed
- Preparing and filing taxes, if needed, and with professional help if necessary.
The attorney is going to help you prepare your assets in a way that ensures they reach the people you intend them to reach. If you do not have an assigned and knowledgeable estate administrator (executor), your assets might end up in the hands of the state, and you may have no actual say in how properties and belongings are divided between your heirs.
After all, without the help of a Lincolnshire estate administration lawyer, your estate may end up “intestate”, meaning without any sort of valid will or declaration of how your assets are to be divided. This can often lead to a lot of in-fighting and family rifts that seldom heal.
Handle It Well Ahead of Time
If you sit down with an estate administration lawyer, you can document all of the assets you have that can be part of a will, and which pass through the typical probate process. Remember that probate courts have to review your:
- Will
- Power of attorney
- Trusts
- Life insurance policies
- Properties owned as joint tenancies (such as a home shared with a partner)
Whatever else remains is non-probate and handled privately by the estate administrator. Why not eliminate risks of fighting over personal property and other non-probate items by working with a skilled estate attorney? At Orlowsky & Wilson, Ltd., you can speak with estate administration experts and ensure your plans lead to no losses, arguments or turmoil after you have passed.
