For any executive, going through the succession process is time-consuming and complicated. If you are in charge of fulfilling the last wish of the deceased, you may be looking for ways to ensure that assets are calculated, liabilities are settled, and the rest of the property is distributed to the beneficiaries. The whole process can take a few months or a few years. Therefore, it is best that you retain the services of a probate attorney. Below are some of the questions you can ask before hiring one.
1. What is the size of the estate?
In each state, the definition of estate size is different. For example, if the value of the real estate does not exceed $150,000, a simple estate is needed. The good thing about simple sequence is that it can save a lot of time and money.
2. Does the estate have enough money to cover the decedent’s debts?
In an ideal situation, the will has abundant patrimonial resources to compensate the debts of the inheritance. However, this is not the case with all farms. After taking inventory of assets and other property, there may not be enough money left over to cover the descendant’s taxes and debts. Therefore, you may wish to seek expert advice before making payments to other creditors.
Under state law, creditors are paid on a priority basis, so you may want to get help from a probate attorney. They know much better how to distribute money efficiently.
3. Is it possible to transfer the deceased’s assets out of the estate?
Based on the descendant’s planning, it may be possible to distribute the assets without taking the matter to probate court. Therefore, you may want to find out if the assets are held in joint ownership or in trust. Sometimes the assets are held in a property payable on death.
Also, probate is not required when assets left by the descendant are to be distributed based on 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 aforementioned beneficiary in the event of the death of the policyholder.
If the descendant’s assets fall into this category, it is not necessary to retain the services of a probate attorney.
4. What are Family Dynamics?
The succession process can involve stress and uncertainty due to the family dynamics of the descendant. In some cases, a family member may file legal objections that complicate the probate process. For example, if a family member comes forward and questions the will, she will have to take the matter to court to resolve the issue. In this case, she will need to retain the services of a professional probate attorney.
To summarize, you may want to ask yourself these 4 questions if you are trying to figure out if you should retain the services of a probate attorney. The answers to these questions will help you make this decision with confidence.
