Probate Lawyer
GET EXPERT GUIDANCE ON OBTAINING AN ESTATE GRANT AND ADMINISTERING AN ESTATE
Executing a loved one’s estate can be a stressful time – but with the right legal guidance, it doesn’t have to be. If you’ve been named the executor of a will, working with an experienced probate lawyer can drastically simplify the process.
What is Probate and How Does It Work in United States?
When a person dies in United States, their estate must typically go through a legal process known as probate to obtain an estate grant. The probate process ensures that the person’s will is legally valid before it is executed and their assets are distributed. If there is no will in place, the same basic process still applies, but the personal representative is referred to as the “administrator” rather than the “executor.”
Probate confirms the value of assets included in the estate, such as bank accounts, investments, real estate, and vehicles, and ensures that these assets don’t actually belong to someone else and haven’t already been willed to someone else. Once the probate process is complete, the executor is given a legal document called a Grant of Probate or a Grant of Administration (without will) confirming that the will is valid and can now be administered.
Obtaining a Grant of Probate or Grant of Administration
In order to act as executor or administrator for your loved one’s estate, you’ll first need to obtain a Grant of Probate or Grant of Administration (both are types of ‘Estate Grants’).
A Grant of Probate is a document that’s issued by the Probate Registry after the executor “applies” for probate. It gives the executor permission to act on behalf of the deceased person’s estate, allowing them to sell property, pay bills, and collect debts owed by the deceased person’s estate.
If there is no will in place, the person managing the estate will instead need to seek a Grant of Administration, which provides similar privileges.
Navigating Probate
Without a Will
When someone passes away without a will, it adds a layer of complexity to the probate process. In such cases, an administrator, often a close family member, is appointed to manage the estate.
This process outlines a standard procedure for distributing assets. Navigating this terrain requires an understanding of these laws and often necessitates additional legal guidance to ensure a fair and lawful distribution of the estate.
If you have experienced the loss of a loved one without a will, our team at Parr Business Law will be able to provide you with advice regarding the best steps to take. We can also guide you on how to gain a Grant of Administration if you wish.
Why Hire a
Probate Lawyer?
Executing or administrating a loved one’s estate involves numerous tasks that can be both confusing and overwhelming. The experienced probate lawyers at Parr Business Law can help you navigate the probate process with confidence and clarity, drastically reducing the amount of time spent in probate and potentially reducing the amount of probate fees that will need to be paid out of the estate. Our wills lawyers and probate lawyers represent clients throughout the united States.
Why Hire a Probate Lawyer?
The first step in the process is often initial consultation with a team of professional advisors, which may include legal counsel, an accountant, and a financial advisor. In addition to helping you decide which merger or acquisition process is most suitable for your business, these advisors can provide guidance on structuring the deal in a way that addresses both profitability and legal risk.
The two main forms of business acquisitions, asset purchases and share purchases, each come with their own unique tax implications and legal liabilities. There are many other items to consider as well, both pre- and post-closing. It’s important to inform yourself of the benefits and consequences of the deal early on. It’s easier and less expensive to set up the right structure and retain the right advisors from the get-go rather than pivoting closer to a proposed closing date.
You may need to arrange financing for the project. Sometimes, financing can be satisfied through the terms of the agreement itself by using mechanisms like earn-outs or vendor financing. Alternatively, you may need to look to external independent or institutional investors to secure capital.
Once you have the general structure of the deal in place and a sound plan for financing the merger or acquisition, it might be appropriate to deliver a letter of intent (an “LOI”). An LOI sets out some basic terms of the deal. The terms can be binding or non-binding, and depending on the circumstances, it might be appropriate to provide a non-refundable deposit to communicate a level of commitment to the other party.
It’s typically around this stage, prior to the parties exchanging any confidential information, that the parties will also execute a mutual non-disclosure agreement (an “NDA”). An NDA helps to ensure that confidential information disclosed by each party throughout the merger or acquisition is protected, regardless of whether the deal completes.
Due diligence is usually a necessary step to any merger or acquisition, and the timing, duration, and comprehensiveness of due diligence will vary based on the circumstances. One or both parties will usually want to carry out background research on the other and their respective business, including checking for any liens on company assets, searching court registries for any current or past litigation, and reviewing any significant contracts held by the other party.
One of the most critical steps is to create a binding legal agreement that will govern the terms of your merger or acquisition. In the case of business acquisitions, this will be an asset purchase agreement (for the purchase of business assets) or a share purchase agreement (for the purchase of business shares). While each deal is unique, these two classes of agreements generally have some quintessential terms and conditions.
The final step is closing the deal and settling any post-closing matters. Closing might take place simultaneously with the signing of the merger or acquisition agreement, but it can also occur several days, weeks, or even months later. Closing is typically when many of the critical matters come to a conclusion — i.e. shares are exchanged, money changes hands, and assets are delivered.
While the exchange of consideration (e.g. money, shares, assets) generally takes place at closing, it’s important to remember that legal rights and obligations between the parties typically take shape throughout the entire merger and acquisition process, sometimes as early as the signing of an LOI. Seeking legal and financial advice early on will ensure that there are no missteps along the way.
Need Expert Advice on Mergers & Acquisitions?
SCHEDULE A MEET & GREET!
When it comes time for a merger or an acquisition, having trusted legal advisors in your corner is essential. Parr Business Law can help you minimize the risks often present in these transactions, securing your interests and pursuing the best possible result for you and your company. Schedule a meet and greet today and let’s discuss the future of your business.
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Nathan Dershowitz
Alexandra Lewis
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Aston Dark
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