Archonix Law

What are Estates & Probate?

Estates

In the simplest terms, an Estate refers to everything a person owns at the time of their death. This includes: real property (homes, land, etc.), personal property (jewelry, vehicles, art, etc.), financial assets (bank accounts, investments, etc.), life insurance and retirement accounts, and any outstanding debts such as mortgages, credit cards and loans.

Probate

When someone passes, their estate must be managed and distributed according the decedent's wishes outlined by their will; or, if the decedent does not have a will the laws of the state will dictate the distribution of assets from their estate. This process is called probate.

Why are Estates & Probate important?

Estate Planning

Estate Administration

Wills & Trusts

Inheritance Law

Executor Duties

Probate Administration

Asset Distribution

Peace of Mind

A well-managed estate plan provides clients with the reassurance that their wishes will be followed after their death. It can prevent family disputes and confusion regarding how assets should be distributed to their loved ones.

Legal Protection

Probate ensures that the decedent's will is legally validated. Without probate, there could be questions about the validity of the will, leading to legal challenges faced by the estate's appointed executor and the family of the deceased, and result in delays in asset distribution.

Debt Management

A comprehensive probate process ensures that the decedent's debys are paid off correctly before any distribution of assets occurs. Without probate, creditors may have a harder time being paid, and family members may become personally liable for those debts.

Tax Planning

Estate planning can help to minimize estate taxes. A well-structured plan may include Trusts or other mechanisms to reduce the taxable estate, ensuring that beneficiaries of the estate inherit more of the estate.

Executor Guidance

For those chosen to be executors or personal representatives, our probate process provides clear, expert, legal guidance on how to fulfill the executor's responsibilities. This ensures that the executor does not face personal liability for any mistakes they may make during their executor service to the estate's administration.

What Happens Without An Estate Plan?

If someone passes away without a Will or an estate plan, their estate will go through a process called Intestate Succession. This means that state laws will determine who inherits the decedent's assets, which may not align with the wishes of the deceased. This can create family conflicts, delays, and additional legal costs. An estate plan, including a Will or Trust, helps avoid these complications.

For most, the processes of estate planning and probate are often emotionally difficult. We are here to support and guide you through every step of the process, no matter where you are at with it.

To our clients, we are trusted to ensure that their wishes in planning their estates, are respected both during their lifetime, and after they're gone. When creating your estate plan, we meet with you to determine your specific needs and utilize expert knowledge and experience to create tailor-made legal mechanisms which support your specific needs and your case.

To the executors of estates and those who are facing probate, we are here to support and guide you through this often-complex process with our expert legal knowledge and guidance.