Role and Responsibilities of a Family Law Firm in Division of Assets of a Deceased Person
After death of a person, division of assets becomes an important task, and several aspects are to be taken into consideration to perform this task in the right manner. Since any errors made during the process can prove to be detrimental to the interest of family members, you need to take help of an experienced family law firm to ensure this task is carried out in right manner.
In this context, we will look into few of the important tasks a law firm performs to ensure division of assets taken place correctly and all other related issues such as payment to creditors and payment of taxes occurs in right manner.
An Insight into Important Tasks a Family Law Firm Performs
Task #1: Take Responsibility of Division of Assets
In case, a person owns a car or a home then probate will be necessary and you will have to take help of a family law firm to ensure that the probate process goes on smoothly. Moreover, the family law firm can ensure that drafting of the will adheres to legal requirements.
Task #2: Deal with Distribution of Portfolio and Business
After death of the owner, distribution of business assets and transfer of ownership is a complex which can only be handled by an expereinced family law firm.
Lawyers can also draft necessary paperwork for distribution of investment portfolio of deceased person and ensure that the transition becomes smoother for the family.
Additionally, advice of lawyer will be required in case you have to appraise, sell or manage the business.
Task #3: Manage Will Contest
If family members are not getting along and any family member decides to contest the will or sue other about division of the estate then it will be necessary to consult a family law firm so that best course of action can be taken and suggest ways on how a court battle can be avoided.
Task #4: Oversee Payment of Debts
A family law firm can also look into details of how legitimate debts (funeral expenses, expenditure on last illness and income tax dues) are to be paid off.
However, if estate does not have enough money for payment of taxes or debts then consulting a family law firm will be important since the lawyers can check which creditors will have priority over others when the debts are to be paid off.
Task #5: Carry Out Payment of Estate Taxes
Legal advice will also become important when it becomes necessary to pay estate taxes and tax return is to be filed.
There are certain complex tax aspects which only experienced lawyer will be able to understand and take the right steps to ensure the process goes on without any glitches.
A Final Note
Thus, to conclude it can be said that lawyers have an important role to play in estate planning and in ensuring assets of deceased person are distributed properly and no disputes arise during the process.