A Probate Attorney in Collin County, Texas is an attorney who handles the financial and legal affairs of the deceased person, and also their heirs. As part of the estate process, a Probate Attorney will work with the next of kin and their loved ones to handle any final arrangements. He or she will handle all aspects of the estate settlement such as collecting the final death taxes, distributing the assets, and even dealing with creditors.
Probate attorneys are licensed by the State Bar of Texas, but this does not mean that they have all the same services. There are a number of different types of services that a Probate Attorney in Collin County, Texas can provide to his or her clients. Here's a list of some of the most common services that a collin county texas probate can offer:
Financial Planning: An effective probate attorney will be able to help you come up with a detailed budget for the probate settlement and other final expenses. He or she can then work with the heirs to ensure that any inheritance money goes towards fulfilling these final expenses. The probate estate plan will cover many different items including the payment of your debts and taxes, but will also include other expenses like funeral costs and other outstanding debts. This plan should be put together in consultation with your probate lawyer and his or her client, and should be made part of your will.
Estate Planning: An estate-planning lawyer can help his or her clients formulate an estate plan that will pay off all debts and make sure that any future assets are properly used for the deceased's last wishes. A probate attorney can also negotiate your assets with creditors to ensure that they receive at least a portion of their debt. If a debt is too large, it can often be reduced or even forgiven, so your estate plan should be designed to protect your assets in the best possible way. If you're dealing with creditors on a loan that has a balance due, it is best to consult with a lawyer who specializes in such matters.
Trustee Management: If your estate plan does not include a trust, your probate lawyer can work with you to create one for your beneficiaries. This will help ensure that your assets are protected from creditors or heirs who may wish to claim them. Your collin county texas probate can also help you get a grant or loan to pay off some of your debts and set up a tax lien to protect your property in case your beneficiaries try to sell or re-claim it.
Estate Planning: A Probate Attorney in Collin County, Texas can help you create a Will which lists all of your assets and the names of the persons to whom they belong. It is important that you and your beneficiaries know exactly what your estate plan includes, and that it contains accurate information. If you are left without a Will, it is best that you consult with a lawyer so you can have the proper protections put into place for your estate and your family. Knowledge is power and so you would like to top up what you have learned in this article at: https://en.wikipedia.org/wiki/Probate.