A probate lawyer is referred to as an estate lawyer and is involved in a variety of different ways depending upon the specific circumstances of which estate is being probated. Their involvement will most likely be centered on how much of an inheritance they are seeking and how to administer that inheritance after their death. If they can successfully secure a large chunk of the inheritance they are looking for, it is referred to as the estate of the probate. If they cannot, it is referred to as the residue.
The entire process begins with an investigation into the decedent's final estate. This can be done by anyone involved such as a probate lawyer, an estate attorney, and even a mortgage company. Once they have located what they believe to be the rightful inheritance, they will begin to try and sell it to the highest bidder. Sometimes this may mean attempting to have it auctioned off in public.
To ensure that they get the highest bid possible for any assets, they have there are several factors that probate lawyers must look at. One factor is the debt that a person has that is secured. If they find that the debtor has some sort of secured debt, such as a mortgage loan, they will have a good chance of winning that portion of the inheritance. On the other hand, if it appears that the debts are not secured then there is a greater chance that non-creditors will bid on those debts. This is why it is so important to secure any debts the decedents have including taxes and other hidden debts.
Another factor is what type of assets the estate contains. If the probate lawyer can prove that there is some type of wrongdoing or illegal action performed during the decedent's life then they may be able to take possession of some or all of the assets of the estate to pay off any debts that they owe to others or to clear up any legal matters that remain after the death. For example, if the probate lawyer finds out that there was some type of alcohol consumption during the years the decedent was alive then they may petition the court to have the remains of the alcohol be thrown out instead of a payment plan.
There are certain circumstances when it may not be in the best interest of the individual or family of the deceased to attempt to clear debts or liquidate assets. If the probate court ordered an autopsy to determine the cause of death, then they can determine what type of assets the deceased had and then attempt to sell those assets. Even when no debts are remaining there may still be some type of tax hold harmless clause included in the Will. The probate lawyer will have to work with the investigating officer in the county where the funeral services were held to find out whether there were any taxes due. Then once everything is within their jurisdiction they will try to settle the tax issues or at least negotiate a payment plan to ensure the probate concern does not become financially burdened.
Another situation in which a probate lawyer may be needed is when a financial institution holding the funeral service proceeds becomes the beneficiary of the Will. In this situation, the surviving members of the decedent's estate can request that the remaining funds be divided among all beneficiaries. Any requests for a share of the estate must be made at the earliest possible date since the probate process can take several months. Once again the attorney will need to be involved and obtain all the information that is legally available to ensure that there are no last-minute surprises.