If you’ve been named as a beneficiary after the death of a family member or loved one, you likely have many questions about the process of receiving an inheritance. During such an emotional and trying time, having an inheritance attorney on your side will not only help you understand your rights and ensure a smooth process, but also protect your interests throughout.
While the executor of an estate is charged with distributing the assets for inheritance through probate, your rights and the proper handling of your inheritance are equally important, especially as it’s not uncommon for families to become at odds over distribution, particularly when there are significant assets at play.
In these situations, working with an inheritance attorney, also known as a lawyer for inheritance, becomes invaluable.
Hays Firm is a trusted Chicago-based law firm specializing in probate and trust administration. Over the past 20 years, our work as inheritance attorneys has proved invaluable to hundreds of clients as they navigate emotionally challenging and intricate legal procedures of administering inheritances.
Today, we’ll answer the question “Do I need a lawyer for inheritance”, and give you the information you need to manage the process.
Understanding the Inheritance Process: What You Need to Know as a Beneficiary
When a loved one passes away, the legal process of distributing their assets to their family and beneficiaries is called probate, or estate administration. As someone who expects to receive an inheritance, understanding the basics of the process will help you understand what to expect.
The first key factor is whether or not the deceased has left a will. In Cook County, if there is a will present it must be submitted to the Cook County Probate Court for validation. The person who has been named in the will to handle the estate is known as the executor. Their role is to distribute the assets of the estate according to the will.
If there is no will, an administrator will be appointed to handle the estate according to Illinois law.
During the initial phase of probate, the executor must:
- Identify the estate’s assets
- Pay any outstanding debts and taxes
- Distribute any remaining assets to the rightful heirs or beneficiaries
As a beneficiary receiving an inheritance, you are not responsible for these administrative tasks. You may be wondering “why do I need a lawyer for inheritance?”
While you are not legally obligated to have a lawyer, the probate process is long and complex. Having the assistance of an inheritance lawyer will protect your rights and provide you with peace of mind that the process is being handled fairly.
In the next section, we’ll look at the specifics of why having a lawyer for inheritance on your side can make a big difference in gaining a favorable outcome.
The Role of an Inheritance Lawyer: Protecting Your Inheritance and Rights
If you’ve been named as a beneficiary in a will or as an heir to an estate, you might be wondering why exactly you would need a lawyer for inheritance. Lawyers that deal with inheritance provide a valuable slate of skills that can provide crucial support and advocacy to ensure your rights are protected, most importantly when there are valuable assets involved such as real estate, businesses, or significant financial holdings.
Here’s how an inheritance lawyer can help when you’re on the receiving end:
Understand Your Entitlements
Whether the deceased left a will or a trust, these legal documents contain complex language that can be difficult to understand without a legal background. An attorney for inheritance can clearly explain your rights and obligations under Illinois law, and ensure that you have a complete understanding of them, as well as the timeline for receiving your inheritance under Illinois probate rules.
Navigate the Probate Process Efficiently
In Cook county and elsewhere, probate is a time consuming process involving numerous filings and court appearances. While the executor is responsible for handling this process, an inheritance lawyer can help you monitor the executor’s actions. The executor has a fiduciary responsibility to ensure they act in accordance with the terms of the will. If you have concerns about how the probate process is being handled, or if there are significant delays, an inheritance lawyer can intervene and get the process back on track.
Minimize Your Tax Burden
Lawyers that deal with inheritance are familiar with the multitude of laws that govern inheritances. Working with an inheritance lawyer can help you understand personal income tax obligations related to your inheritance, as well as explore ways to minimize your tax burden.
Identify Potential Legal Hurdles Affecting Your Inheritance
The more assets an estate has, the higher the likelihood of hidden complexities, such as will disputes, valuation disputes, and creditor claims. A skilled inheritance attorney can help you navigate these challenges and ensure that claims are legitimate and handled according to law.
Do I Need A Lawyer For Inheritance If I’m Not the Executor of the Estate?
We’ve seen how retaining a lawyer for inheritance is beneficial to the executor of an estate, but what if you are on the other side of the equation?
It’s not uncommon for there to be challenges to how an estate is being divided, even when there is a will or trust. When there are disagreements over how an estate is being administered, having an inheritance lawyer on your side is crucial.
An inheritance lawyer can help in situations like:
Will Contests
The validity of a will can be disputed for a variety of reasons including undue influences, improper execution, or lack of capacity. Whether you are challenging the will or defending against a challenge, an inheritance lawyer is essential to navigating the specific legal process for doing so.
Real Estate Inheritance and Complex Assets
Inheriting a family home or business comes with its own set of challenges under Chicago and Illinois law. Even inheriting significant financial or investment assets requires professional legal help. An inheritance attorney can help with valuation, title transfers and other transfers of assets.
Address Executor Misconduct
The executor of a will has a fiduciary duty to the estate and is legally obligated to distribute assets according to the terms of the will. When the executor exhibits behavior that deviates from the will’s instructions or acts negligently, an inheritance lawyer can help you understand your rights and take legal action if necessary to ensure the executor fulfills their duties appropriately and in accordance with Illinois law.
Tax Implications
An attorney for inheritance can help you gain compliance with both Illinois and federal estate taxes. They’ll help you understand your tax obligations, and can even help you explore strategies to minimize your tax liability.
Disputes Among Heirs
Oftentimes, siblings or other beneficiaries will disagree on how an estate should be divided. An inheritance lawyer can act as a moderator to help keep the peace, or as an advocate for your position as you seek a resolution that satisfies each party.
What Kind Of Lawyer Deals With Inheritance?
There are many different types of lawyers, but what specific kind of lawyer deals with inheritance? Most lawyers that can help you settle inheritance disputes specialize in estate planning, probate, and trust administration.
Estate planning attorneys help create documents like wills, while probate attorneys focus on how an estate is distributed. Inheritance lawyers specializing in trusts help with setting up complex legal arrangements that guide the distribution of assets after death.
Each of these legal professionals have the most direct and specific knowledge of inheritance laws in Illinois. Attorneys working in these areas are the most qualified to represent clients in will disputes, handle complex distributions of real estate and assets, and provide guidance to estate executors.
By working with an inheritance attorney skilled in the areas of estate planning, probate, or trust, you can get professional assistance with these complex legal processes. An inheritance attorney will give you the peace of mind that the details are being handled correctly, and can help you clear any challenges and achieve the best outcome for your situation.
Looking for a Chicago Based Inheritance Attorney to Help with Your Case?
If you’re facing complications with inheritance in the Chicago area, look no further than Hays Firm for experienced guidance. Hays Firm is one of greater Chicago’s most respected law firms specializing in probate and trust administration.
Since 2008, Hays Firm has helped hundreds of clients through the entire probate process. We can help you with a wide variety of tasks including:
- Determining whether probate is necessary
- Guide you through review of wills and trusts
- Advise executors or trustees
- Represent beneficiaries in a will contest
- Addressing executor misconduct
Whether you wish to challenge the validity of the will, or simply ensure that you gain what is rightfully yours, retaining a skilled inheritance attorney is a crucial step in protecting your rights and ensuring a smooth transition of assets, providing you with peace of mind.
Contact Hays Firm today for a free consultation to discuss your case with our team of inheritance attorneys. Let us help you remove stress and mitigate challenges as you navigate the probate process. Call Hays Firm now.
**Disclaimer**
This content of this blog is for general informational purposes only, and does not constitute legal advice. Please consult with a qualified attorney or lawyer for advice specific to your situation.
