An Estate Attorney Lists Terms to Know

It seems that no bigger family feud occurs than when an estate is up for distribution. Maybe it is the heightened emotions of having lost a loved one, maybe it is a lifetime of animosity finally surfacing, but as an estate owner, there are some terms, situations, and rules an attorney wants you to know.

What is probate? Probate is the term given to the process of the distribution of an estate. Even if there is a will, an estate must go through probate, though it is not always a long and difficult process, most of the cases heard about are those that involved families taking sides and slinging mud. During this period of time, a will's validity is determined and the executor is informed as the appointee. Those who stand to inherit something are found and notified, properties are distributed, and it is determined if taxes need to be paid and by whom. This can go rather quickly for an intact family. It can take years in situations where there is a protest, a questionably invalid will, the inability to find a beneficiary, etc.

A revocable trust is the best way to avoid lengthy probate or having probate at all. This is the document that most confuse with a will. The person or the descendent, an attorney will confirm, can change a revocable trust anytime before his or her death. It simply states who will be in charge of the trust in the event of death or incapacitation. In other words, it appoints and notifies an executor while the descendent is living. If the person dies, the executor is in charge of distributing the trust as dictated by the person prior to the time of his death. This is also the case if the person becomes incapacitated or unable to run his own estate. These are the instances that cause the most feuding among families. The non-executors always seem sure that the executor mismanaged the trust. Sometimes it's true. Sometimes it's not. Contact an attorney to investigate.

Joint tenancy is also a term that those who stand to inherit an estate need to know. If a descendent, while he is still living files joint tenancy with anyone, that person is still a tenant upon the death, and therefore, swiftly, legally, and sometimes deviously obtains the estate.

An estate attorney is not out nor will be willing to prove the deviousness of someone who seemingly pried his or her way into joint tenancy or executorships; he does, however, overlook all the legal documents, access the situation, and determine what is legal and who is trying to exploit the system.