What is an Estate Attorney?

What is an Estate Attorney?  What Does an Estate Attorney Do? & What are the Steps Involved in Probating and Estate?

An Estate Attorney is an attorney who, through years of mentoring, continuing legal education and professional legal experience, understands how to counsel and advise Personal Representatives/Executors and estate beneficiaries on how to properly settle all of the affairs surrounding the administration of a loved one’s estate in a timely and professional manner.

What Does an Estate Lawyer Do?

An estate lawyer, also called a probate lawyer or attorney, is responsible for taking a Personal Representative/Executor through the entire procedural probate estate administration process. An estate lawyer can also be hired to advise the beneficiary of an estate on legal and other matters presented to the beneficiary by the Personal Representative/Executor.

Advising and Assisting the Personal Representative/Executor

When representing and counseling a Personal Representative/Executor, the estate lawyer will assist and handle amongst other things all of the following steps:

·    Locating and securing all of the Decedents real and personal property including both probate and non probate assets;

·    Obtaining date-of- death values and appraisals of all of the Decedent's assets and property;

·    Collecting all life insurance proceeds and seeing that same are properly distributed;

·    Rolling over and making appropriate elections with regard to retirement plans, including IRAs and 401(k)s;

·    Advising on the payment of the decedent's final bills and outstanding debts;

·    Keeping track of the estate checking account;

·    Determining if any inheritance, estate and gift taxes will be due and, if so, then figuring out where the cash will come from to pay the taxes;

·    Addressing income tax issues;

·    Settling any disputes that may arise among the Personal Representatives/Executors and beneficiaries;

·    Assisting with the sale of any real property that may be a part of the estate;

·    Requesting court permission for various actions as required by applicable state probate laws;

·    Retitling the Decedent's assets into the names of the estate beneficiaries; and

·    Preparing and filing all documents required by the probate court in a timely manner

Step 1 of Estate Settlement - Inventory the Decedent's Documents and Assets

Before being appointed to serve as Personal Representative/Executor, the first step in the estate settlement

process is to locate all of the decedent's estate planning documents and other important papers. Estate

planning documents may include a Last Will and Testament, burial and/or memorial instructions, and/or

a Revocable Living Trust. Other documents that should be located include bank and brokerage statements,

stock and bond certificates, life insurance policies, corporate records, car and boat titles, deeds, and, at a

minimum, the Decedent's prior two years of income tax returns.

Step 2 of Estate Settlement - Open the Probate Estate

The next step in the estate settlement process is to meet with an estate lawyer to officially open the probate

estate with the probate court located in the county in which the Decedent lived at the time of his or her death.

Step 3 of Estate Settlement - Value the Decedent's Assets

The next step in the estate settlement process is to establish date of death values for all of the decedent's

assets. All financial institutions where the decedent's assets are located must be contacted to obtain

the date of death values. For assets including real estate, personal effects including jewelry, art work

and collectibles, and closely held businesses, they'll need to be appraised by a professional appraiser.

If the decedent's estate will be taxable for federal and/or state estate tax purposes, then in addition to

the probate assets date of death values for all of the decedent's non probate assets will need to be established.

Step 4 of Estate Settlement - Pay the Decedent's Final Bills and Estate Expenses

The next step in the estate settlement process is to pay the decedent's final bills and ongoing expenses

of administering the estate. It's the Personal Representative's job to figure out what bills the decedent

owed at the time of death, determine if the bills are legitimate, and then pay the bills. The Personal

Representative will also be responsible for paying the ongoing expenses of administering the estate,

including legal fees, accounting fees, utilities, insurance premiums, and mortgage payments.

Step 5 of Estate Settlement - Pay the Decedent's Income Taxes and Estate Taxes

The next step in the estate settlement process is to pay any income taxes and estate taxes that may be due.

This includes preparing and filing the decedent's final federal and/or state income tax returns; preparing

and filing all required federal estate income tax returns (IRS Form 1041) as well as any required state

inheritance tax returns (PA REV-1500); and, if the Decedent's estate is taxable for federal and/or state estate

tax purposes, then preparing and filing a federal estate tax return (IRS Form 706) and/or a state estate

tax and/or inheritance tax return.

Step 6 of Estate Settlement - Distribute the Balance to the Estate Beneficiaries

Usually the first question that the estate beneficiaries will ask the Personal Representative/Executor is

"When can I expect to receive my inheritance?" But unfortunately for the beneficiaries, making

distributions of the estate assets to the estate beneficiaries is typically the very last step in the estate

settlement process.  However, in some cases where there may be a particular need, advancements of

anticipated inheritance can be made. 

Obviously, the probate estate administration process can often be much more complicated then a

Personal Representative or beneficiary may initially think.  It is typically a very could idea to consult

with an experienced estate attorney before attempting to undertake these matters on your own. 

Call our law firm today at (412) 381-7370 to schedule your free legal consultation or visit us online

at www.americanwillsandestates.