Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.
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Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Picture this…your child is in the hospital, but the on-call doctor won’t talk to you let alone allow you to weigh in on medical decisions. While hospitalized, your child’s bills are going unpaid because you can’t access their accounts—potentially wreaking havoc on their financial credit. Why? Because they’re over the age of 18.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
Most family members may not have a clue what we have floating out in cyberspace. Accessing or deleting accounts can be tricky for family members, if they don’t have your login credentials.
These are among the things an estate attorney can help you with planning. That’s why it’s essential to ensure you have one by your side, if you’re leaving an inheritance behind.
My ex-husband passed away. However, I was named the beneficiary on his 401(k). Even though we are divorced, do I still have a right to it?
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.
