Did you know that the first known will comes from an ancient tomb in Egypt? Probate law is the legal process that occurs after someone dies. This includes having their property appraised, paying taxes and debts, distributing the remaining property as the will states, and providing that their will is valid. In most cases, the fees for lawyers and courts used during this process are paid for by the estate property. Here are three things you should know about various types of elder law.
Most people have little experience with probate until a family member or friend dies, and for this reason, there are a lot of questions. If you were wondering whether all property has to go through probate, the answer is no. In many states, a certain amount of property or possessions are allowed to pass free, or to go through a simplified probate procedure. Who takes care of and handles probate? Usually, it’s the executor of the will. If there is no will, or no executor, the job then goes to the person who inherited the majority of the deceased individual’s assets. If you need to deal with probate, you should contact a probate law firm.
2. Abuse Elder Law
There are many types of elder laws, but one issue worth focusing on is elder abuse. Did you know that about 10% of elderly people report experiencing senior abuse? This abuse can range from neglect, to physical harm, to embezzlement. Sadly, 90% of abuse is at the hands of someone related to the victim, so this also might be a time where you have to contact a family law attorney to change conservatorship.
When a person dies, many assume that their debts are automatically lifted. In fact, though, someone who was entering or near bankruptcy will then have their estate assets sold off to meet the debt. If there are not enough assets, the estate will be declared insolvent. In this case, it might be a good idea to hire a bankruptcy lawyer to make sure that the matter progresses smoothly and correctly.
Have you had to talk to a probate law firm? Let us know in the comments.