When you are an executor over someone’s estate, this can be an overwhelming task. Normally, you would be quite close to the individual that has passed away. Whether you are a husband, daughter or friend, you will normally be in a state of grieving and have a lot of other professional and emotional issues that you need to concern yourself with.
Although you can have estates that can be sorted out without the need to seek professional help, there are key times that are best to speak and sort out with a professional and hire a probate attorney.
Any process that involves law, taxes, money and debts can bring with it its own set of rules, stress and confusion. This is why probate attorney lawyers exist. They are here to help you navigate the most complex of situations.
Here are times when you will need to hire a probate lawyer.
You want to avoid family conflict
When it comes to dealing with an estate, issues can quickly arise among family members. Although everything may seem stable in the beginning, as discussions get heavier and people become unhappy with the process that the executor of the will goes down, then things can quickly get out of hand.
One way it can escalate is that members of the deceased family can contest the will. This can lead to a lot of stress, time and money thrown into the process.
Hundreds to thousands of dollars can be taken from the estate and unresolved issues among family members can last for decades to a lifetime.
There is difficulty in paying off debts
Sometimes an estate won’t have enough money to pay outstanding debts that it might have. As an executor of a will, this can be tricky process to navigate on your own, particularly if you have never been an executor before.
You will need to decide what needs to be paid first and what sort of processes that you can go through to bring debts to balance. Rather than spending time doing your own research and potentially going down the wrong path, it’s best to turn to a professionally trained probate lawyer that is familiar with the debt process.
There is a business involved
Sometimes when an estate has a business attached to it, this can bring with it a whole range of new complications and complexities. When it comes to an estate without a business, there are more simple elements to take care of from bank accounts to personal assets. However, with business, there is a lot more to balance. Firstly, you need to understand the business structure. Also, are there any partners involved? What outstanding debts does the business have? Has there been a trust set up? These are the types of questions and concerns that need to be faced when dealing with an estate that has a business attached.
It can be a very difficult time when a loved one passes. As an executor of a will, it is a role to step where you are carrying out the final wishes of someone who may have been quite close to you. They have entrusted you with the responsibility of doing the right thing by their family, friends and final will.
If you find that you need some professional advice, then think about going through this process with a trained probate lawyer. For example, you may run into family arguments and distress when it comes to being an executor. These arguments and disagreements can end up in court. This will drain the finances of the estate and can lead to a larger headache in the long run.
When an estate has debts to pay off, this can get complicated. The average person won’t normally know how to pay off debts, in terms of which payments should come first and how to manage the process of the others, as not all debts will need to be paid in the same traditional way.
If you are in charge of an estate with a business involved, then this is a time where you should really consider a professional lawyer to guide you through the process. Dealing with a business can become complicated at the best of times. When it comes to a business estate, then you need to get it right from the outset to avoid any concerns down the track.
When you are going through the executor process, let a probate lawyer be there for you. They can make the whole process streamlined, clear, quick and efficient.