Probate Process- Approval of Wills, Determination of Inheritance and More

Probate is simply the legal process through which a will is either “approved” or “disapproved” by a court of law and deemed to be a legally binding document. Probate usually involves a complex set of official procedures which are governed by state probate law, said Georgia probate attorney. The purpose of probate is to settle the estates of individuals who die without making any will. Once the probate court makes its decision regarding the estates it reviews the process and usually renders its final ruling on the matter.

Some states allow for the use of “contingency funding” through probate to settle estates without any court action. This is referred to as “contingency” and works very much like the manner in which most life insurance policies are structured: the policy holder makes a regular payment into a trust fund, which is used to pay any outstanding costs and administrative fees associated with the estate, and then is dispersed to the beneficiaries of the policy. In cases where there is no will there will always be some method by which the deceased person’s property can be distributed. However, if there is a will, there is also a strong possibility that there may be a substantial amount of litigation as everyone attempts to assert their rights to inheritance property.

 

There are two types of probate procedures in which people attempt to claim their estates: direct probate and indirect probate. Direct probate occurs when the court order is made directly to a particular individual managing the estate; the court appoints a personal representative to handle the estate and manages the assets at the time of death. Immediate family members will not usually have any direct connection with the decedent, although they may become involved if they have special financial interests in the decedent’s estate. Indirect probate occurs when the court does not appoint an individual to manage the estate, but allows an appointed individual to act as an agent for the decedent’s representatives. These representatives then try to identify the remaining assets and distribute them amongst the beneficiaries according to what is stated in the will or court documents.

 

Most of these Probate procedures take place during the last stages of someone’s life, prior to dying of natural or medical causes, or immediately prior to death of a minor. Those who are extremely ill or seriously injured can have a difficult time determining the proper method of distribution, and can also face stiff penalties if the process is not properly handled. Many times there is no need for a court formal probate procedure, as the wishes of the person are taken into consideration and a more reasonable distribution can be determined.

 

georgiaprobateattorneys.netMany people choose to have an executor to handle the probate process. An executor is a person who serves as the “personal representative” of someone else and is responsible for looking after that person’s personal affairs. An executor must file paperwork with the court, as well as providing financial statements and tax information to the court, which it must confirm the accuracy of. The court will also approve the final will and probate process before issuing any final approvals. Many people feel more comfortable having an executor present during the probate process, as they are often neutral and can better explain what is required and what can be done.

 

Probate is something that can be rather complex, as there are many little details that are easily overlooked, said Georgia probate attorney. For this reason, people prefer to use simplified methods of handling their estates, so that their final wishes are followed and their inheritance is distributed as they would like. Small estates can be handled using simple Probate Procedures, which simplifies the entire process, leaving heirs with only one obligation. Many people find that using a probate procedure with a simplified setup is much easier on their estate and can help them keep everything as organized as possible, with little risk of any issues or disagreements.

Basic Things you Need to Know About Business and Corporate Law

Business and Corporate Law are a branch of the legal field that deals with the economic activities of people, corporations, partnerships and associations. The word corporate refers to both the legal profession of law concerned with corporations, and also to the broader concept of business. The concepts and practices of business law can be described as being different from other fields of law because they are focused on the interests of one type of entity (corporation) rather than on the interests of many different entities (owners, employees, stockholders and customers). According to a business lawyer in Chicago, this focus helps business and corporate lawyers deal with a wide range of issues such as corporate reorganization, altercations, acquisitions, mergers, bankruptcies, advertising campaigns, acquisitions, parent litigations, landlord/tenant litigation, and intellectual property disputes.

Business and corporate lawyers also provide services that involve assisting the directors and officers of a company in carrying out their responsibilities and functions and are defending the company against claims made against it by third parties.

Business and Corporate Law

 

There are two major areas of business law, namely corporate and Commercial Law. In the area of corporate law, there are two types of entities that are considered to be corporations: those that are publicly held companies and those that are privately held companies. A private corporation is not considered to be a company until it goes public or is listed on a publicly traded exchange. Private companies are subject to different laws and regulations than publicly held companies are and are considered to be in a distinct category altogether.

 

While all business and corporate law firms deal with some variation of these issues on a daily basis, the area of commercial law tends to be much more abstract and more specific in nature. As a general rule, the more generic the law firm’s offerings, the less likely it is that they will be successful in representing a client in a commercial matter. For instance, most business and corporate law firms will not be successful in court cases concerning the issues of merger negotiations, nor will they be successful in defending a client from a defamatory action or suit. Even if such a lawsuit were successful, the results would often be negative for the plaintiff as a class action suit could bring down the financial capabilities of the defendant and render the mergers ineffective.

 

Because mergers and acquisitions are such an integral part of business, commercial law attorneys must also be skilled in the area of contract law. This area is even more specialized than the mergers and acquisitions area due to the many overlapping elements of business contracts. Contracts for products, services, money, and property are just a few examples of the kinds of contracts commonly under negotiation. In these cases, a qualified attorney can help a business owner to make sure that their contracts to comply with both state and federal requirements. Additionally, business attorneys must be familiar with all aspects of the business economy, including business taxation, corporate laws, and labor laws.

 

Litigation is the final step in the Discovery Process, meaning that both parties have had the opportunity to file their initial papers and discovery requests with the court. While this is usually the last step before litigation is filed, it is often the most expensive and time consuming. A qualified attorney representing the party that wishes to litigate a case will be thoroughly familiar with the applicable litigation laws, including the applicable statute of limitations and venue requirement. Such attorneys may also have experience in defending litigation that have been brought against their clients.

Litigation, acquisition and merger negotiations are not the only instances in which business lawyers can be useful to their clients. When companies want to enter into business arrangements with other entities, they may also seek the advice of such attorneys. Many states require prospective business partners to complete a financial impact statement, which can be used as legal leverage when negotiating acquisitions and mergers. These lawyers can help their clients compile a thorough understanding of the value of the acquired entity and any financial loss projected as a result of such a transaction. They can also advise their clients on how to obtain the tax incentives that are available to them if they are engaged in such negotiations.