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 compelling reasons to consider hiring a probate attorney:
Engage Probate Attorney for Asset Inventory
Individuals often possess a variety of assets, from stocks and real estate to retirement accounts and bank savings. Tracking down all these assets can be overwhelming without the necessary expertise. This underscores the importance of enlisting a probate attorney who can efficiently liaise with financial institutions to inventory all assets promptly and ensure their protection throughout the process.
Appraise Assets Accurately
After identifying the deceased’s assets, the next crucial step is appraising them accurately to determine the estate’s value. This valuation is essential for tax purposes and simplifies the probate process. A probate attorney can facilitate this appraisal process by leveraging their network of reliable appraisers, ensuring precise valuation and proper estate tax calculation.
Seek Probate Attorney for Life Insurance Claims
Life insurance benefits are typically excluded from the probate process, directly benefiting the policy beneficiaries. However, navigating multiple life insurance policies and dealing with various companies can be complex. Hiring a probate attorney to handle these claims and administrative tasks can alleviate the burden and streamline the process, especially in the face of potential disputes.
Settle Decedent’s Liabilities
Upon a person’s passing, outstanding liabilities such as medical bills, credit card debts, and mortgages must be addressed. Resolving these financial obligations can be time-consuming and intricate, requiring legal expertise to manage creditors’ claims effectively. A probate attorney can assist in drafting necessary documents and expediting the estate settlement to facilitate debt repayment.
Address Conflicts and Interference
Probate proceedings often attract conflicts and interference from family members or external parties seeking a share of the estate. These disputes can complicate the process and delay distribution. Engaging a probate attorney to navigate these conflicts, validate claims, and ensure a fair distribution of assets can mitigate potential challenges and expedite the probate process.
