Maryland estate owners utilize provisions to protect their property and assets. These strategies establish protections that allow them to assign ownership. A will is the most advantageous opportunity for securing the transfer of ownership to family members. However, these protections don’t prevent the potential for claims filed against the estate. This is where Estate Litigation Lawyers in Glen Burnie MD are most beneficial.
Settling Creditor Disputes
Creditors are quick to file a claim when an estate enters probate. During this process, creditors file claims to collect any outstanding balances. The probate court establishes the validity of these accounts. If the court verifies a valid debt, the creditor acquires the funds from the estate.
The beneficiaries of the estate dispute the debt if the owner made alternative provisions to settle the debt. For example, if the owner had an insured mortgage loan, the insurance policy settles the debt if the owner dies. The beneficiaries file a dispute if the mortgage lender tries to collect through the estate. Estate Litigation Lawyers in Glen Burnie MD help these beneficiaries to stop these efforts.
Identifying the Validity of the Will
Beneficiaries file a claim if they have concerns about a will. Typically, these claims stem from unexplained terms included in the will. Terms that don’t award a large portion of the estate to a non-relative are the most common. The beneficiaries file a claim to challenge the validity of the document.
When this occurs, the court launches an investigation. They identify the attorney who officiated the document and evaluate the terms. The court determines the rightful owner of the property or assets identified.
Probating the Will
When the will enters probate, the court settles all debts. Next, the beneficiaries acquire ownership of the property or assets assigned to them. All beneficiaries pay the tax requirements for these transfers of ownership the next tax season.
In Maryland, attorneys protect estate owners by including provisions in their will. They work to prevent efforts by creditors to file false claims against the estate. To acquire assistance with these claims, contact an attorney today to schedule a consultation. You can visit karpouzianlaw.com or their Facebook page.
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