Estate law deals with the distribution of a person’s assets after death, including real estate, personal property, and business interests. Estate planning can minimize taxes and probate fees, while trusts can help avoid federal estate taxes. Estate law also covers challenging the validity of a will.
Estate law is the branch of legal matters that deals with the distribution of a person’s assets after their death. A person’s estate consists of all property owned, individually or in association with one or more persons, at the time of the person’s death and includes the following:
real estate (house, cabin, or other buildings)
personal property (bank accounts, investment accounts, automobiles, furniture,
jewelry and valuable collections)
comes from a life insurance policy
IRAs and annuities
any debt owed at the time of death
If the deceased owned a business, their interest in that business would also be included in the estate. Business interest is made up of any business real estate, equipment, tools, accounts receivable, and goodwill accumulated while the business was in operation.
Estate law refers to planning the day the person’s estate will pass to the heirs at the will of the individual and estate planning. A person who owns something of value would be wise to consult with a lawyer experienced in estate law matters for advice on making a will. He or she will be able to advise the person on how to transfer his or her assets in a way that minimizes estate taxes and probate fees.
Challenging the terms of a will is also included in the framework of patrimonial law. To contest a will, you must be one of the named beneficiaries or someone who would have inherited at least part of the estate if the will were declared invalid. These interested persons can challenge the validity of the will on the grounds that the person who made it (the testator) did not have a good opinion or was unduly influenced by another individual to give the instructions contained in the document.
A will can also be contested under duress (the person being forced to sign the document under threat of harm) or fraud. An estate law professional can draft a will that is less likely to be challenged after the testator’s death. He or she can also advise family members on whether they have legal grounds to challenge a will.
Estate law also deals with trusts as a way to try to avoid federal estate taxes. This legal option can be used to exempt a portion of the individual’s estate tax, which can only be considered a positive outcome.
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