Ways a Probate Attorney can Help an Executor
Can all of the decedent’s property be transferred without the probating process?
It is the absolute best-case scenario if you don’t even have to consider probate as an option. If your loved one did all the planning before they passed away, you really don’t have much to do. If their estate or business assets are held inside a joint ownership, you won’t need to worry about it as it will automatically transfer to their partner. Perhaps their retirement funds were all payable-on-death accounts. And if they had a living trust, you’ll probably not have to worry about any court proceedings, and you won’t need a Brooklyn probate attorney to help.
Does the estate own any taxes on either the federal or state level?
In almost all cases, an estate is not going to be in arrears on their federal taxes. It’s not likely an issue. In a few situations, the estate might owe taxes to the state. In some situations, especially for large estates valued at more than a million dollars, they can be subject to state taxes. Sometimes, the executor files a state tax return on behalf of the estate. If this is the case, you will benefit from hiring a Brooklyn probate lawyer to help you work through the process. Filling out a tax return for an estate, is certainly not a DIY project.
Does the estate have adequate assets to pay off all its debts?
If you are executor for an estate, you will need to find out if the assets are adequate enough to pay off all the debts. You’ll also need to decide if there is money left after the debts are paid so the inheritors will be able to get what is due them. If so, you may not need legal intervention. However, if it appears as there isn’t money left after paying debts and taxes, you’ll want legal advice before creditors are paid. The laws have already determined the order of priority when it comes to paying creditors. It’s important to follow the guidelines closely. You’ll want a Brooklyn probate lawyer to help make sure you comply.
Is the family fighting over assets?
If you have one or more disgruntled members of the family who may want to contest the will, or if they ae threatening to file a suit because of the will, you will definitely need a probate lawyer in Brooklyn. You’ll want to get assistance as early on as possible to head off a huge court battle if possible. Having an attorney handle the financial matters can prevent a big fight and stifle accusations. If your family ends up in a huge legal fight, it can end up costing you immensely in time and money. So, if no one is fighting, and you don’t anticipate one, you may forego an attorney’s help. If there is even a slim chance of a battle, you’ll want a lawyer on your side as early as possible.
Does the estate contain a complicated asset like a business?
If it does not, you may not need the help of a Brooklyn probate attorney. However, you’ll need some legal and financial expertise to manage, appraise and/or sell a business. If there is a business associated with the estate, an attorney can help you sort it out and make sound decisions, especially if it goes to probate.
Do You Need a Brooklyn Probate Lawyer?
If you answered these questions you should have been able to realistically assess whether or not you need a Brooklyn probate lawyer to help. Please contact us with your questions about the probating process.
