A Few Tips To Know When To Hire A Probate Attorney
Posted on: 8 March 2018
If you have found yourself to be the executor of someone's will, you may be wondering if you will need to hire an attorney to get through the probate process. While the task may seem daunting at times, if the estate is small, with no unusual possessions, you may be able to distribute everything on your own. However, if any of the following pertain to the deceased's holdings, having an experienced probate lawyer may not only be a good idea, but also necessary.
Businesses
When the deceased owned a business, it will require continuing input and work to keep it running. You will need to make sure that this happens as if something goes wrong, you may end up in legal trouble yourself. The family may decide that because things were not taken care of properly, the business lost money it should not have and blame you. A probate attorney can help you make sure that the business is taken care of by the proper beneficiary, even before probate closes.
Contesting the Will
If you know, or have a feeling, that someone is going to contest the will, you will need to hire a lawyer before things get out of hand. While this will cost the estate money, it is better to have everything settled as soon as possible than to wait until everything has been distributed and then find out people are fighting over things. Giving everyone a chance to argue their case in court at the beginning will ensure things go where they need to go in the end.
Insolvency and Taxes
When there is not enough money in the estate to cover the deceased's debts and final expenses. A probate attorney can help decide what does get paid and what doesn't get paid. In addition, the lawyer may be able to talk with creditors to reduce balances so more people can be paid.
When it comes to taxes, the attorney can work with the IRS and state treasuries to make sure that everything is taken care of immediately. If left unpaid, the beneficiaries may be in for a surprise when they have to pay more taxes themselves to cover the difference.
If you are not sure whether you need to hire a probate attorney or not, contact one and ask for an initial consultation. This will help you make the right decision so that you can properly perform your duties as executor.
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