When a person passes away, a family member must present the Will in the probate court to verify the deceased’s wishes. Probate is a legal process that involves identifying the assets, settling the debts of the deceased, and distributing the remaining assets to the rightful heirs. While some may find probate daunting and time-consuming, it can be efficiently managed with the assistance of a skilled probate attorney. If you prefer to avoid the complexities of the process, hiring a probate attorney is a wise decision. In this article, we will explore the key reasons for engaging a probate attorney.
Engage Probate Attorney for Asset Location and Inventory
Individuals often possess a variety of assets such as stocks, real estate, commodities, and various financial accounts. Some may have assets spread across multiple states or countries, making it challenging to locate and inventory all assets without expertise. This underscores the importance of enlisting a probate attorney.
A probate attorney can efficiently liaise with financial institutions to identify and inventory all assets promptly while ensuring their protection throughout the process.
Assessing Asset Value
Once the assets of the deceased are located, the next crucial step is to appraise their value accurately. This appraisal is essential in determining the estate’s overall value and streamlining the probate process. Whether opting for an independent appraiser or a court-appointed one, this step is vital for estate valuation and tax calculation.
Given the legal requirement to pay estate taxes accurately, seeking professional assistance for asset appraisal is crucial. A probate attorney can leverage their network to ensure precise and comprehensive asset valuation.
Utilize Probate Attorney for Life Insurance Claims
Following a loved one’s passing, family members are entitled to life insurance benefits, which bypass the probate process and directly benefit the policy beneficiaries. Managing multiple life insurance policies from various companies can be complex and time-consuming, making it advisable to engage a probate attorney to handle these claims efficiently.
A probate attorney can navigate the administrative tasks involved in dealing with insurance companies, ensuring a smooth process and addressing any complexities that may arise during probate.
Addressing Decedent’s Liabilities
Upon an individual’s passing, there are likely outstanding liabilities, debts, and expenses to settle, including medical bills, credit card debts, and mortgages. Resolving these liabilities can be time-consuming and challenging, requiring legal expertise to manage creditor claims effectively. Hiring a probate attorney can streamline this process, facilitating the prompt settlement of the estate’s debts.
Engage Probate Attorney to Resolve Conflicts and Challenges
Probate proceedings can give rise to conflicts and complications, with family members or external parties disputing claims to the estate. In such situations, an experienced probate attorney can navigate these challenges and ensure that only valid claims are considered. By enlisting a probate attorney, you can effectively address conflicts and interference in the probate process.
