What Does a Probate Attorney Do if Assets are Found After Probate? | Morgan Legal Group PLLP
Probate is the legal process through which a deceased person’s assets are distributed to beneficiaries, and outstanding debts are settled. However, in some cases, assets may be discovered after the probate process. This can present challenges and require the involvement of a probate attorney to ensure that the newly discovered assets are adequately addressed and distributed. This blog will explore what a probate attorney does if assets are found after probate.
1. Reviewing the Terms of the Will
If assets are found after probate, one of the first steps a probate attorney will take is to review the terms of the will. The attorney will carefully examine the language of the will to determine how these newly discovered assets should be handled. The will may provide specific instructions regarding the distribution of unknown or identified assets at the time of probate. The probate attorney will assess whether the newly discovered assets fall within the scope of the will and ensure they are distributed accordingly.
2. Determining the Legal Status of the Assets
Once the newly discovered assets have been identified, the probate attorney will work to determine their legal status. It is essential to establish whether the assets are part of the decedent’s estate and subject to distribution. This may involve a thorough investigation to verify ownership, title, and any legal documentation associated with the assets. The probate attorney will assess whether the assets should be included in the probate estate or if they are exempt from probate and should be distributed separately.
3. Assessing the Impact on Distribution
Discovering additional assets after probate can have an impact on the distribution of the estate. The probate attorney will carefully evaluate how the newly discovered assets may affect the intended distribution as outlined in the will or by the intestacy laws if there is no will. The attorney will consider the value of the newly discovered assets about the other assets and debts of the estate. They will ensure that the distribution is fair and equitable, considering all beneficiaries’ rights and interests.
4. Notifying the Beneficiaries and Other Interested Parties
Once the probate attorney has assessed the situation and determined the appropriate course of action, they will notify the beneficiaries and other interested parties about the discovery of the additional assets. This involves informing them of the nature of the assets, their potential impact on the estate, and any necessary legal steps that need to be taken. The probate attorney will provide clear and transparent communication to ensure that all parties are informed and have an opportunity to address any concerns or questions they may have.
5. Taking Legal Steps to Address the Assets
If the newly discovered assets require legal action or documentation to be properly addressed and distributed, the probate attorney will take the necessary steps to fulfill these requirements. This may involve filing supplemental probate documents, obtaining court approval for the distribution, or initiating legal proceedings to transfer ownership of the assets to the appropriate beneficiaries. The probate attorney will navigate the legal process on behalf of the estate and ensure that all legal obligations are fulfilled.
6. Resolving Disputes or Challenges
In some cases, discovering additional assets after probate may lead to disputes or challenges from beneficiaries or other interested parties. The probate attorney will handle these disputes and challenges, working towards a resolution that is fair and in compliance with the law. The attorney will represent the estate’s interests and protect the rights of all parties involved. They will explore alternative dispute resolution methods, such as mediation or negotiation, and advocate for the estate’s position in court if necessary.
7. Ensuring Compliance with Legal and Tax Obligations
When assets are found after probate, ensuring compliance with legal and tax obligations is crucial. The probate attorney will assess any potential tax implications associated with the newly discovered assets and ensure that the estate meets its tax obligations. They will also meet all legal requirements, such as filing the necessary documents with the probate court or other relevant authorities. The probate attorney will provide guidance and assistance to ensure the estate complies with all applicable laws and regulations.
Consult an Experienced Probate Attorney in Miami
If assets are discovered after probate, it is essential to seek the guidance of an experienced probate attorney. At Morgan Legal Group PLLP, we specialize in probate law and provide expert probate services in Miami. Our skilled attorneys can assist you in navigating the complexities of probate, including the handling of newly discovered assets. We will review the will’s terms, determine the assets’ legal status, and ensure compliance with all legal and tax obligations.
Contact Morgan Legal Group PLLP today to schedule a consultation and receive the professional assistance you need when assets are found after probate. Our dedicated team is ready to help you navigate this challenging situation and protect the interests of the estate and its beneficiaries.