Probate Attorney – When You Need One
Probate Attorney – Who are they?
A probate attorney is a lawyer who helps families navigate the complex legal process of settling their loved ones estate.
Dealing the death of a loved one is already sad and can be complicated, especially if there’s an estate involved. A probate attorney helps you through the probate process in the most painless way possible, and make you feel secure during a stressful time. It is their job to shoulder the load and let you be with family where you belong.
Losing a family member or close friend is one of the most difficult things we can encounter. Just thinking of handling the estate through the courts and a Judge creates stress and confusion for the people who are still occupied with critical matters and grieving. An Arkansas probate attorney helps untangle the red tape and legal matters related to estate planning and probate as well as probate administration.
What is Probate and Administration?
Probate as used by most people outside of law, is the catch all term, for admitting the Last Will and Testament, validating the Will, and distributing the property of the person that has passed away. (In law, Probate technically is admitting and validating the Will.)
Probate (and administration of the estate) is a legal process. It takes what the person owned and transfers it to the heirs and other entitled people. Probate also wraps up the affairs of the person that passed away.
What do They do?
Leave it to the legislature and courts to have created a complex, convoluted legal process to pass assets and property to your spouse and children…
A probate lawyer helps you navigate the wild, complex legal maze to settle affairs and pass assets to the next generation and your spouse. The attorney represents you in court and negotiates with creditors. The probate attorney knows what steps to take. They know the order of the steps. A good one will be able to act as a translator. They translate the complex legal terms and processes into plain words that you can understand.
Further, they do a lot of things outside of court like negotiate real estate contracts, write deeds, and work with creditors to settle the final debts for as little as possible.
If you left a Last Will and Testament, the lawyer will aid your family in following your final wishes. If you didn’t then the probate attorney will help your family navigate the administration by following the applicable laws and statutes.
How does a Probate Attorney Help?
- Collect life insurance proceeds by helping with the complex forms from the insurance companies
- Negotiate with creditors to pay off final debts and reduce amounts owed
- Sell real estate and create real estate contracts saving some of the fees a realtor would charge
- Negotiate private real estate contracts
- Get appraisals on real estate
- Find and secure assets
- Prepare court documents
- File court documents it the right time in the right order
- Write deeds
- Determine if estate taxes are owed or an estate tax return needs filed
- Advise on final income taxes
- Write letters
- Act as a go between for feuding family members
- Provide plain English advice on the best things to do
What Will a Probate Attorney Cost?
In Arkansas, the probate attorney can charge either a percentage of the gross estate or by “other contractual arrangement.” Other contractual arrangement often means an hourly rate.
The percentage is set by statute, but for the average estate will be about 2.91% of the gross estate.
The gross estate is the value of the estate subject to probate without subtracting debts and mortgages from the value of the assets. So, if the estate is worth $250,000 the percentage would be about $7,275 to settle that estate.
The personal representative (administrator or executor) is also allowed about 3% of the gross estate for their work.
So, in total, the charge for the attorney and executor runs about 6% of the gross estate.
The fees do not include expenses such as the filing fee ($165), advertising cost (around $170), and certified mail (at about $15 each).
If the process is contested, or everybody receiving doesn’t file waivers, it adds to the cost of the process. For example, if all the relatives don’t waive the right to notice and hearings, then every time a hearing is needed, notice has to go out via certified mail. Then there is the attorney time for appearing in court. If all of the heirs don’t waive their right to an accounting and inventory, then accountings and inventories will have to be prepared and filed. The accounting requires a hearing to be approved. So, if right to notice wasn’t waived, another notice goes out and another hearing takes place…
What is the Process of Probate?
Probate starts by filing a petition to admit the will, validate the will, and appoint an executor. Or, if there isn’t a Will, appoint an administrator.
It ends with distributing the property and closing the case.
In between there are quite a number of steps. Some of the major steps are gathering and protecting the assets; advertising in the paper; notifying creditors; paying creditors; and selling assets. The Judge will need to sign an order to keep the process moving forward.
What if there isn’t a Will?
If the person passed away without a Last Will and Testament, then the State has decided who gets what and how much. Without a Will, a Judge will oversee each step in the process.