A lawyer for estate settlement is a legal professional who helps a client settle the estate of someone who has passed away. A lawyer for estate settlement is someone who can help you with the legal functions of the estate settlement process. This might include reviewing and updating a will, helping you write a trust, or even handling the probate process (which is required in some states).
A lawyer for estate settlement can also offer advice on how to plan for your future and set up your estate so that it's as efficient and effective as possible. They can help you avoid problems like taxes, probate fees, and litigation.
What Does a Lawyer for Estate Settlement Do?
In estate settlements, a lawyer's job is to help the executor or personal representative of the estate distribute the assets of a deceased person. They'll assist with all of the following steps:
Making Withdrawals From a Life Insurance Policy
A lawyer for estate settlement will help you navigate the legal aspects of handling life insurance proceeds, such as ensuring proper beneficiary designations and facilitating any necessary paperwork. The lawyer will help you ensure that the withdrawal process is done properly so that you don't have any trouble with the IRS.
Dealing with and paying any estate or income taxes that might be due
If there were an estate tax due or income taxes owed as part of this estate settlement process, then a lawyer for estate settlement can also help you deal with those issues. The lawyer can also help you pay any additional fees associated with your taxes.
Identifying all estate assets
A lawyer will identify all the assets in your deceased loved one's estate, including real property (houses), personal property (cars), cash on hand at bank accounts with interest accruing on these accounts, etc.
Assist with Managing the Estate's Checking Account
A lawyer will assist with financial matters related to the estate, such as advising on proper handling of the funds. The actual management of the state’s checking account is typically the responsibility of the executor or personal representative.
Requiring Property Appraisals for All real Estate Transactions
A lawyer will also require property appraisals for all real estate transactions to ensure you get a fair price. This will ensure that no one is being taken advantage of during an inheritance or sale of property, and it can prevent family disputes over ownership.
What Are the Types of Real Estate Agreements?
Joint Development Agreement
This agreement is made between two or more parties to a property development project. It allows for the joint construction of a new building or the renovation and expansion of an existing one.
This agreement is made between three or more parties who have some involvement in a transaction and share ownership of something. This could include an apartment building, a shopping mall, or an office building.
A loan agreement is an arrangement between the lender and borrower where the former provides the latter with money in exchange for interest payments over time.
Construction Loan Agreement
This agreement is used to finance the construction of a building. It is created by a lender and borrower, who will agree on terms such as interest rates and repayment schedules. The construction loan agreement can be structured as either a closed or open-ended loan.
A closed-end loan is repaid at the end of its term, while an open-ended loan allows the borrower to repay in installments over time.
An option agreement is a contract that gives one party the right—but not the obligation—to purchase real estate from another party at a predetermined date and price. This agreement can be used for rental properties, undeveloped land, or existing buildings.
What Are the Tips to Remember While Having an Estate Settlement Contract?
Estate settlements are an important part of your estate planning process. They are a legal document that explains how the decedent’s estate will be distributed. Here's what you need to know about them:
Itemize Your Inventory
When settling an estate, it's important to itemize your inventory of every item you own—from furniture to jewelry to books and more. You'll need to do this to value the property during the settlement process accurately.
It's also helpful if you have a list of serial numbers for any high-value items like jewelry or a list of model numbers for electronics or appliances in case they get lost or stolen after the owner's death.
Follow With Non-Physical Assets
Once you've completed this list, you can move on to including non-physical assets like bank accounts, retirement plans, and stocks—anything that has a monetary value but isn't something that can be physically divided among heirs.
Assemble a List of Debts
Next up on your list is assembling a list of debts owed by your loved one before their death (as well as any debts they owed before they died). These include credit card balances, loans or mortgages taken out before their death (or after), funeral expenses incurred during their final days on Earth… anything that doesn't fit into one of the other categories above!
Make a Memberships List
Make a list of all your memberships, and make sure they will be transferred to your beneficiaries. This includes clubs, gym memberships, and any other kind of membership that you may have.
Make Copies of Your Lists
Make copies of all your lists so you can easily access them later. It's always good to keep multiple copies if something happens to the originals or if you need to refer back to any information contained within them.
Review Your Retirement Accounts
Ensure that your retirement accounts will be transferred to your heirs upon death. This is especially important if you have a 401(k) plan or another type of investment account that needs to be managed according to certain rules for the beneficiary(ies) named on the account to receive the full amount intended for them by law (i.e., probate).
Assign Transfer on Death Designations
Make sure that all of your assets have been assigned transfer-on-death designations so that they will automatically go directly into the hands of those chosen as beneficiaries without having to go through probate court proceedings.
Key Terms Related to Estate Settlement Agreement
- The Indemnity Clause : The indemnity clause in an estate settlement agreement provision protects one party from claims, damages, or lawsuits from third parties.
- The Penalty Clause: The penalty clause states that if either party fails to comply with their obligations under the contract, they will be subject to monetary penalties. Courts can strike down penalty clauses if they are deemed unfair.
- Outstanding Dues: If there are outstanding dues on the decedent’s property, such as taxes or utilities, those should be paid off. However, beneficiaries are typically not responsible for any outstanding debts that may be discovered after the probate period has passed or that can’t be paid during the probate period.
When you choose to work with ContractsCounsel 's lawyers, you can expect to receive a partner dedicated to your best interests and always available to answer questions or provide advice. Your choice of attorney should always be an informed decision, and Contract Counsel's lawyers are here to help you make the right one.