An Overland Park inheritance planning lawyer at Parman & Easterday can provide you with assistance if you are receiving money or property from a loved one who has passed away. When you receive an inheritance, it is important to ensure that the wishes of the deceased are respected. You want to ensure that the money or property that was left to you passes as quickly and effectively as possible and that you understand any steps you need to take as far as taxes and other issues are concerned.
Parman & Easterday will help you at every step of the process during the time after you inherit. We provide assistance to those who will inherit through the probate process as well as through the trust administration process, because they were co-owners with rights of survivorship, or because they were the designated beneficiary on a pay-on-death account. If you are going to inherit money or property, give us a call and let us help you to protect the money or assets you’re being provided from your deceased loved one.
How an Overland Park Inheritance Planning Lawyer Helps After You’ve Inherited?
The specific assistance that an Overland Park inheritance planning lawyer can offer to you will depend upon your situation. However, some of the ways in which an attorney can help you will include:
- Providing insight into how the asset transfer will take place: There are very different processes of inheriting money or property depending upon whether you inherit through trust administration, the probate process, or some other means. We’ll explain what to expect and help you incorporate these assets into your financial plan.
- Monitoring the asset transfer process: You’ll want to make sure that the trust administrator – successor trustee of a trust – is fulfilling his or her responsibilities during the trust administration process or that the executor of an estate is fulfilling his or her obligations during probate. The executor/successor trustee of an estate or the trust administrator has a fiduciary duty to fulfill his or her responsibilities in facilitating the transfer or wealth and managing estate assets. If that person fails to fulfill their responsibilities, it becomes important to take appropriate action to protect the wealth that the deceased left behind.
- Addressing tax implications: The executor/successor trustee of an estate or the trust administrator has a substantial amount of responsibility to fulfill tax responsibilities associated with the transfer of assets. However, depending upon the way in which you inherit, you may also have certain steps you need to take as well. For example, if you inherit an Individual Retirement Arrangement (IRA), as a spouse you’ll need to decide if you want to roll over the assets in the IRA or if not a spouse explore your withdrawal options.
There may also be other services that our legal team can offer to you, depending upon the nature of the property you inherit or the method by which the asset transfer takes place. It’s a good idea to reach out early in the process so you can get advice at every step of the transfer of wealth.
Getting Help from an Overland Park Inheritance Planning Lawyer
If you’ve received money or property as part of an inheritance, you owe it to yourself and to the loved one who left you the assets to make certain you have taken steps to protect the money and property that you’ll receive. Parman & Easterday will provide the help you need. You should give us a call as soon as you find out that you stand to inherit and we can advise you throughout the probate process, trust administration process, or other method by which assets transfer to you.
To find out more about how an Overland Park inheritance planning lawyer at our firm can help you, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time for more information.