For any executive, going through the probate process is quite time consuming and complicated. If you are responsible for fulfilling the last wish of the deceased, you may be looking for ways to ensure that assets are counted, liabilities are settled, and remaining property is distributed among beneficiaries. The whole process can take months or years. Therefore, it is better for you to hire the services of a will attorney. Given below are some questions that you might ask before you rent it.
1. What is the Estate Size?
In each state, the definition of plantation size is different. For example, if the real estate value is not more than $150,000, a simple will is required. The good thing about a simple will is that it can save you a lot of time and money.
2. Does the Plantation Have Enough Money to Cover the Debt’s Debt?
In an ideal situation, the will has plenty of asset resources to offset the estate’s debts. However, this is not the case for every estate. After taking inventory of your assets and other property, there may not be enough money left to cover taxes and hereditary debts. Because of this, you may wish to seek expert advice before making payments to other lenders.
According to state law, creditors are paid on a priority basis, which is why you may want to get help from a probate attorney. They know better how to distribute money in an efficient manner.
3. Is it possible to transfer deceased assets outside the treasure?
Under hereditary planning, it is possible to distribute assets without bringing the matter to probate court. Therefore, you may want to find out if the assets are held in common ownership or in trusts. Sometimes, assets are held in debt after the death of the owner.
In addition, a will is not required when assets left by offspring are to be distributed under the terms of a contract, such as a life insurance policy or retirement account. In the case of an insurance policy, the assets are transferred to the named heirs if the insurance policy holder dies.
If hereditary assets fall into this category, there is no need to hire the services of a probate attorney.
4. What is Family Dynamics?
The probate process may involve stress and uncertainty due to hereditary family dynamics. In some cases, family members may raise legal objections that complicate the probate process. For example, if a family member comes forward and contests the will, you will have to take the matter to court to resolve the matter. In this case, you should hire the services of a professional probate attorney.
Long story short, you may want to ask yourself these 4 questions if you’re trying to figure out whether you should hire the services of a probate attorney. The answers to these questions will help you make this decision with confidence.
