Being an executor can be a time-consuming and complicated job. Lower-value estates may complete probate within around 11 months, but higher-value ones can take up to 42 months! During that time, you may find yourself devoting hundreds of hours to making sure all the boxes are ticked correctly.
Probate services are here to make that burden easier to bear. They can help you navigate the process of putting an estate in order and ensuring that all the deceased person’s legal obligations are carried out. Crucially, they can also ensure that the deceased person’s wishes are carried out to the letter.
Let’s take a deep dive into nine reasons you should hire probate services.
1. Deal With Co-Executors
Being an executor can be hard; having to work through probate law with one or more co-executors can be excruciating. You may not all be in the same place or have a history of working well together. Some of you may have so many other responsibilities you can make the needed time, slowing the whole process for everyone.
Working with probate services can make a huge difference. A probate attorney can look at your situation and advise you on the simplest way to proceed. This could include declining and naming successor executors or working through the probate process with experienced guidance.
2. Avoid Family Disputes
Even if one individual is named as executor, there is still a lot of potential for family conflicts regarding will and how assets are distributed.
Probate services can help executors fulfill their duty to the deceased by carrying out their wishes exactly as set out in the will. When the family members know that a probate lawyer is advising the executor, it can help to take the heat off of that individual. They will feel confident that the probate process is being handled correctly.
The probate attorney may also be able to talk to family members and explain the legal processes that must be handled. This can help reduce delays in the probate process.
3. Conclude Probate Faster
As mentioned at the outset, probate can take years, especially when administering the estate of a wealthy individual. Delays can happen because an executor is inexperienced and doesn’t have the confidence to gather the needed information and complete the steps quickly.
A probate lawyer handles estates day in and day out and knows what is needed. They can help you locate the right information and complete documentation more quickly than if you tried to go it alone.
4. Identify and Inventory Assets
Wealthy individuals’ estates can be complex. Identifying all of these assets and completing a correct inventory of them is a crucial step. It can be a time-consuming and tedious process, especially if the executor already has a full-time job.
Probate services can help with this process. By assisting the executor, the goal is that nothing will be missed and probate can be completed more quickly.
5. Identify and Pay Debts
All creditors must be paid off before any funds can be distributed from the estate. This includes calculating and paying any taxes owed to the IRS. A probate attorney can help with this by making an inventory of all debts and paying them.
They can also work with the IRS, preparing and filing the deceased person’s last income tax return. It may also be necessary to file one for the estate, which a probate lawyer can help with. Then you will be able to settle the deceased’s final tax bill.
6. Arrange Property Appraisals
Wealthy individuals leave behind a lot of valuable property. The executor owes it to the beneficiaries of the will to have all of these assets appropriately appraised so their full value can be realized. However, this can be a complex and time-consuming process.
While real estate appraisals are relatively straightforward, appraising other property may be more complex. Probate services can help you to locate the most appropriate appraisers and prepare all the necessary documentation.
7. Interpret the Will
Wills can be surprisingly complex and may be open to interpretation. Without a knowledge of probate law, it could be difficult for an executor to correctly interpret what the deceased person wanted. For example, some wills include:
- Missing assets
- Contradictory clauses
- Ambiguity regarding who inherits what
- Missing information
A probate attorney may be able to provide the advice you need to determine the deceased person’s wishes. This could include citing laws and precedents for similar situations. This could help to ensure the smooth transfer of wealth to the next generation and may nip family disputes in the bud.
8. Pay Only The Tax Owed
The tax arrangements of the deceased person may be very different from your own. By working with a probate attorney, you may be able to use all available credits and deductions to ensure the estate pays the minimum tax owed. This will ensure that the beneficiaries of the estate receive as much as they possibly can.
9. Handle Business Transfers
When a business owner dies, transferring business entities can be complicated. There may be time constraints on when the business license needs to be transferred so that the business can continue to operate. Additionally, the executor may need to consider:
- How to pay the employees
- Preserve the assets
- Sell the company
- Transfer the LLC, corporation, or resolve partnership issues
These matters are beyond the experience of many executors. Probate services can help you engage with the right legal professionals to get the advice you need to complete these processes correctly.
Why Choose Miser Wealth Partners LLC for Probate Services?
At Miser Wealth Partners, we understand the importance of distributing assets in accordance with the wishes of the deceased person. Our probate services are there to help executors handle their duties correctly and allow family members to receive their inheritance as swiftly as possible.
Our probate attorneys have years of experience in ensuring the smooth transfer of wealth from one generation to the next. You can benefit from our unique mix of attorneys and tax advisors collaborating under one roof.
Learn more about our probate services and call us at (865) 281-1616 to schedule an appointment today.
