When a loved one dies there is commonly more than just grieving to cope with. If your loved one had an estate, probate law will apply even if they have a plan in place. Complications are common when there is no plan. Probate lawyers in Rockford, IL can help you in your time of loss and grief, so you can recover emotionally before you have to worry about property, assets, and money. Here are a few complications that may arise during the probate process where you will be happy to have a lawyer on your side.
Inheritance Tax
Inheritance tax is part of the process of probate when real estate is inherited. You have to pay the tax before the property can be transferred into your name legally. Depending on the property and how much you inherit financially, this tax can be very high. It may be beneficial to ask a lawyer if a Deed of Variation can help you.
Contesting the Will
Nothing brings out the greed and envy in families more than the death of a loved one. It’s sad and unfortunate, but true. It only takes one family member to contest a will to delay probate and the transference of property and real estate in these cases. One example is that one sibling may want to sell the property, while the rest want to share it. Probate lawyers in Rockford, IL can help determine the best way to handle the situation.
Making Changes to the Will
Not all beneficiaries want or need the property, money, or real estate they inherit from a deceased loved one. Perhaps they would rather pass it down to their children, an organization, a charity, or to a friend. In this case you will need to enlist legal services to help you with that process. This also makes a good way to mitigate inheritance taxes for the beneficiary.
If you know you are going to have to deal with probate in any way, it is wise to consult with an attorney about the process. Whether you need to have a will written, handle your estate planning, or you are a potential beneficiary, you need to be informed about how it all works. Crosby Law Firm can help you make the most of your estate and determine a course of action that works for everyone.
