During a person\’s lifetime, they usually work to accumulate assets in an effort to build their net worth. These assets can include a house, rental properties, cash, retirement accounts and other items that pertain to the wealth of a person. This is what is known as that person\’s estate, which will be subject to distribution upon their death, after any liabilities are paid off. Estate law is the practice of deciphering the will and seeing that the decedent\’s wishes are followed, in conjunction with sorting through the probate process.

The decedent may die testate or intestate, meaning that they may have drawn up a will to make their wishes known regarding the distribution of their assets or they may not have. Some assets may be intestate while others are not. Generally the owner of the will seeks the aid of an attorney that specializes in estates to help draw up the will and to become executor of the estate upon their death.

In the case that the decedent dies intestate, or without a valid will, then the property will be subject to intestacy laws. This means it will be up to the court on how it will be distributed, which is not usually the way the deceased would have wished. An estate lawyer will generally make sure that a will is valid.

Wills can be time consuming to draw up and the intricacies may be difficult to comprehend. That is why it is important to seek the help of an estate planner or attorney to help. They will know what specific clauses are required and beneficial to the owner.

As executor, the lawyer will locate the property of the decedent and notify the appropriate people to dispense of the assets. These persons are known as the beneficiaries. They will also ensure that any debts are paid off and that the expenses accrued in handling, such as taxes, are appropriately covered.

The changing of title for some items can be a difficult process. It is the duty of the administrator to ensure that this is done correctly and as easily as possible. Also, any items that are passed through a trust will require more specific directives. Several items that can be included as assets are contractual in nature, such as life insurance and annuities. Each of these will have different ways in which they must be handled. The person in charge of administering the estate will be in charge of handling these items.

Not choosing a person that is familiar with this type of law can cause many problems. First, a will may not be deemed valid and conflicts of interest between heirs may not be adequately resolved. Also, the costs can be very high if the administration of the will is not done in an efficient and timely manner. In some cases an estate may be determined to be illiquid, meaning that the debts of the owner cannot be covered. Without the appropriate oversight, assets may be hastily sold for less than full value.

Estate law is an important process that requires a knowledgeable practitioner to see through the wishes of the deceased. It is a means to protect assets and ensure that loved ones and beneficiaries get the full amount that was left to them, with as little hassle as possible.

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