Why You Need A Lawyer Throughout The Probate Process
Has there been a lot of tension from envious family members because your deceased loved one chose you as the executor of his or her estate? Are you nervous about doing the job you were appointed to do as a result of the tension your loved one's death has placed on your life? Managing an estate while grieving the loss of a loved one can be complicated and stressful, but a probate lawyer can assist to lessen the weight on your shoulders. Due to the bitterness amongst family members who are involved in the situation, hiring a lawyer is ideal to make sure everyone understands how the probate process works. A lawyer will help you prove to your loved ones that everything is being managed in a fair manner, as well as assist with other aspects of the situation.
Assessing the Monetary Value of Assets
A lawyer can assist with appraising the assets of your deceased loved ones' estate, which is an important part of the probate process. Any assets that were not appointed a beneficiary in a will or trust can be sold so the money can be divided amongst family members. For example, if your deceased loved one left behind a business in which a beneficiary was not appointed, it can be sold. A lawyer can assist with putting the business up for sale and dividing the profits from the sale amongst your family in a cordial manner. He or she can also manage the legal proceedings on your behalf if your loved ones contest how the profits are distributed.
Determining Which Debts Must Be Paid Off
Passing away does not mean that all debts are forgiven, which is why a part of the responsibility of an executor of an estate is to pay off debts. However, it is not necessary for all debts to be paid off. A lawyer can help you determine which of your deceased loved ones' debts must be paid off with money from the estate. For example, if your deceased loved one owes the IRS money for unpaid taxes, you must make sure the debt is paid off with money from the estate.
Distributing Assets to Beneficiaries
An important role as the executor of your deceased loved one's estate is to distribute assets to the beneficiaries. Managing the task on your own can be complicated when there is already tension amongst family members regarding you being appointed as the executor. Hire a lawyer to distribute the assets on your behalf so he or she can also provide a legal explanation of why the assets are being distributed as they are. For example, if someone receives an asset that is less valuable than what another family member receives, a lawyer can provide a legal explanation on your behalf.
For more information about probate law, contact a local lawyer.
