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 authenticates the deceased’s Will. The main tasks involved include identifying the deceased’s assets, settling their 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 daunting if you are unfamiliar with the process. This is a key reason to hire a probate attorney.
An experienced attorney will liaise with financial institutions and efficiently inventory all assets. They will also ensure the assets are secured 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. Accurate appraisals simplify the probate process. Appraisers can be independent professionals chosen by you or appointed by the court.
Accurate valuations are also necessary for calculating and paying the correct estate taxes. Since most people lack the expertise to appraise an estate accurately, professional assistance is essential. A probate attorney can facilitate this process by leveraging their network of reliable appraisers.
Assistance with Life Insurance Claims
Upon a loved one’s death, family members are 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 handle interactions with insurance companies, manage 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 can expedite the estate settlement process, ensuring that debts are paid promptly.
Managing Disputes and Interference
Handling an estate in court can lead to numerous complications. Family members may contest the Will, or external parties may attempt to stake a claim on the estate. Even individuals not named in the Will might try to assert their rights. In such cases, the executor must validate these claims. A probate attorney can effectively manage these disputes, ensuring that the estate is distributed according to the deceased’s wishes.
