When a person passes away, a family member must present the Will in probate court to validate the deceased’s wishes. Probate involves locating assets, settling debts, and distributing remaining assets to rightful heirs. While some may find probate daunting, hiring a skilled probate attorney can streamline the process. Here are some compelling reasons to consider hiring a probate attorney.
Engage a Probate Attorney to Identify and Catalog All Assets
Individuals often possess a variety of assets, such as stocks, real estate, commodities, and various bank accounts. Locating all these assets can be challenging without the necessary expertise. This is where a probate attorney can be invaluable. They can efficiently liaise with financial institutions to inventory all assets promptly and ensure their protection throughout the process.
Assessing Asset Values
After identifying the deceased’s assets, the next crucial step is appraising their value accurately. This appraisal is essential for determining the estate’s overall value and facilitating the probate process. An independent appraiser, either of your choosing or court-appointed, can assist in this process. Properly valuing the estate is crucial for calculating and paying estate taxes, a task best handled by a professional probate attorney with the necessary contacts for accurate appraisals.
Enlist a Probate Attorney for Life Insurance Claims
Upon a loved one’s passing, family members are entitled to life insurance benefits, which bypass the probate process and go directly to beneficiaries. Dealing with multiple life insurance companies can be complex and time-consuming. Hiring a probate attorney to manage interactions with these companies can streamline the process and navigate any complications that may arise.
Settling the Deceased’s Debts
Upon death, the deceased may leave behind various liabilities, such as medical bills, credit card debts, and mortgages. Settling these debts can be time-consuming and costly. A probate attorney can assist in drafting legal documents for debt repayment, facilitating a quicker resolution to settle the estate’s debts.
Engage a Probate Attorney to Address Conflicts and Challenges
Probate proceedings can often lead to conflicts among family members or external parties seeking a share of the estate. In such cases, hiring a probate attorney can help navigate these disputes and ensure that only valid claims are considered. Executors can benefit from legal guidance in handling conflicts and interference during the probate process.
