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For any executor, going through the probate process can be time consuming and complicated. If you are in charge of carrying out the decedent’s last will, you may be looking for ways to ensure that the estate is calculated, liabilities are settled, and the remaining assets are distributed among the beneficiaries. The whole process may take a few months or a few years. Therefore, it is better that you take the services of a probate lawyer. Below are some questions you can ask before hiring someone.
1. What is the size of the estate?
In each state, the definition of the size of the estate is different. For example, if the value of the real estate does not exceed $150,000, simple probate is required. The great thing about simple probate is that it can save a lot of time and money.
2. Does the estate have enough money to pay the decedent’s debts?
In an ideal situation, the bequest has plenty of asset resources to offset the estate’s debt. However, this is not the case with every estate. After taking inventory of the estate and other assets, there may not be enough money left over to cover the descendants’ taxes and debts. Therefore, you may want to seek expert advice before making payments to other creditors.
According to state laws, creditors are paid on a priority basis, which is why you may want to enlist the help of a probate attorney. They know much better how to distribute the money in an efficient manner.
3. Is it Possible to Transfer the Deceased’s Assets Outside of Probate?
Depending on the lineage plan, it may be possible to distribute assets without taking the matter to probate court. Therefore, you may want to find out whether the property is jointly owned or in a trust. Sometimes, property is payable upon death of the owner.
Also, probate is not required when property left by descendants is being distributed based on the terms of a contract, such as a life insurance policy or retirement account. In case of an insurance policy, the assets are transferred to the mentioned beneficiary in case of death of the insurance policyholder.
If a descendant’s estate falls into this category, there is no need to engage the services of a probate attorney.
4. What are family dynamics?
The probate process can involve stress and uncertainty due to the family dynamics of the descendants. In some cases, a family member may raise legal objections, complicating the probate process. For example, if a family member comes forward and challenges the will, you will have to take the matter to a court of law to settle the matter. In this case, you will need the services of a professional probate attorney.
Long story short, if you’re trying to figure out whether you should hire a probate attorney, you may want to ask yourself these 4 questions. The answers to these questions will help you make this decision with confidence.
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