When a person passes away, a family member is typically responsible for presenting the Will to the probate court. Probate is a legal process that confirms the validity of the deceased’s Will. The main tasks involved include identifying the deceased’s assets, settling any debts and taxes, and distributing the remaining assets to the rightful heirs. Many people believe that probate is overly complex and time-consuming. However, with the assistance of a skilled probate attorney, the process can be managed efficiently. If you prefer to avoid the intricacies of probate, hiring a probate attorney is a wise choice. This article explores several compelling reasons to engage a probate attorney.
Engage a Probate Attorney to Identify and Catalog All Assets
Individuals often possess a variety of assets, including stocks, real estate, commodities, and various bank and retirement accounts. Some may have multiple savings accounts across different banks or own properties in different states or even countries. Locating all these assets can be challenging without proper knowledge and experience. This is a key reason to hire a probate attorney.
An experienced attorney will handle communications with financial institutions and efficiently inventory all assets. They will also work to secure these assets throughout the probate process.
Valuing the Deceased’s Assets
After identifying all assets, the next crucial step is to appraise them accurately. This step is vital as it determines the estate’s overall value, simplifying the probate process. The appraisal can be conducted by an independent appraiser of your choice or one appointed by the court.
Accurate valuation is essential for calculating and paying the correct estate taxes. Since most people lack the expertise to appraise an estate accurately, professional assistance is necessary. A probate attorney can facilitate this process by leveraging their network of reliable appraisers.
Assistance with Life Insurance Claims
Upon the death of a loved one, family members are often entitled to life insurance benefits. These benefits are typically not part of the probate process, as they are paid directly to the beneficiaries. However, dealing with life insurance companies can be complex, especially if multiple policies are involved. A probate attorney can manage interactions with insurance companies, handle the necessary paperwork, and resolve any disputes or complications that arise.
Settling the Deceased’s Debts
When someone dies, they often leave behind various liabilities, such as medical bills, credit card debts, loans, and mortgages. Settling these debts can be time-consuming and costly. A probate attorney can assist in validating creditors’ claims and drafting the necessary legal documents to settle these debts. Their expertise ensures that the estate is settled efficiently, allowing debts to be paid off promptly.
Managing Disputes and Interference
Handling an estate in court can lead to numerous complications. Family members may dispute the distribution of assets, and external parties may attempt to stake a claim. Even individuals not named in the Will might try to contest the estate. In such situations, the executor must validate these claims. Hiring a probate attorney is essential to navigate these disputes and ensure that the estate is distributed according to the deceased’s wishes.
