When a close relative of yours dies, you must think beyond your feeling of condolence. Legal matters that follow the death need someone to attend to, especially if your relative is childless or have decided to live alone.
It is not uncommon these days to find people who choose to live a solitary life. They are not necessarily lonely though, because some do maintain a good relationship with friends and families. Their lifestyle might bear more freedom than the traditional one, but it may cause some legal issues when the person dies. Nevertheless, knowing how to secure a person’s asset is a valuable piece of knowledge regardless of his/her lifestyle preference.
Understating the Estate and the Will
When a person dies, all of his/her assets are called estate. It includes all the property, investment, bank account, cash, cars, and all goods that the deceased has previously owned. Most people prepare their will in advance, and by the time they leave this world, all plans related to their estate are already in the executor’s hands.
Usually, the will states who the executor is. If not, then it goes to the one who benefits the most from the will. However, being a will executor is not a straightforward business. The person must deal with taxes, civil documents, ownership certificates, and even some litigation.
Besides the executor, a perfect will should contain the detail of the assets at stake. However, it may not be the case every time. Some can be vaguely written without a clear description of the estate. And in that situation, professional legal assistance is vital.
Getting a Professional Law Advisor
When the deceased has written the will in detail, the executor needs to verify all of the claimed estates. When there are no suspected law violations committed, the process will run smoothly. Otherwise, the will might be deemed invalid by the state, and the court decides the distribution of the deceased’s estates according to the Descent and Distribution Law.
If you are unsure of the will’s status, you should get professional assistance. Consulting with a probate litigation expert directly after the funeral will save you from future problems quickly. They can also check the validity of the will for you. It may cost you some money, but the cost outweighs the benefits.
Fulfilling the Taxes
Most of the time, taxation is the toughest problem in realizing a will because the deceased may not foresee his/her death and fulfill the duties. In this case, you will need a taxation accountant.
You should never undermine taxation because a little mistake can be perceived as an attempt of tax evasion. The court will rule you as committing negligent conduct, and you may face unnecessary penalties. Besides, entrusting the inheritance matters to professionals ensures your privacy.…