When someone passes away, their estate must be managed according to the law. The estate's executor is responsible for ensuring that all assets are distributed promptly and orderly. Unfortunately, this can be a complicated and time-consuming process, especially if the decedent didn't leave a will or if there is a dispute. This is where a probate lawyer comes in. They'll ensure the deceased's estate is divided smoothly. Keep reading to find out the mismanagement issues you'll avoid when you hire these attorneys:
Delays in Probate
Probate should be completed within a specified period, depending on the complexity of the case and state laws. However, it may take longer if there are disputes or if the executor is unfamiliar with the rules and procedures. A lawyer understands the probate process and will ensure the estate is settled as soon as possible. They'll also help you deal with any obstacles that may cause delays.
Unauthorized Asset Distribution
Executors of an estate should distribute assets to those who have been listed as beneficiaries or are legally entitled to receive them. Without proper legal guidance, an executor can make mistakes and distribute assets to unauthorized individuals. This is likely to happen if there's no will in place. A probate lawyer will ensure that all the assets are given to their rightful owners within a reasonable time.
Not Addressing Tax Liabilities
An executor should ensure that all taxes are paid and returns filed. However, they may overlook important details if they don't understand the complexities of taxation law. A probate lawyer will ensure that all tax liabilities are addressed, minimizing the risks that come with them.
Mishandling Legal Fees
If legal fees associated with managing an estate aren't handled correctly, unnecessary costs could be incurred and passed on to beneficiaries or creditors. A probate lawyer can keep these costs down and ensure that all fees associated with the probate process are correctly paid and accounted for.
Failing to Resolve Disputes Quickly
Disputes can arise between family members or creditors over the distribution of assets. Resolving these issues quickly without complications can be difficult without proper legal advice. A probate lawyer can mediate these disputes and negotiate a fair and legally binding resolution that satisfies your needs.
Hiring a probate lawyer is an essential step in estate planning and management. With their help, you will avoid the headaches and delays that may arise during the estate administration process. They will also help you navigate complicated laws and regulations surrounding estate planning and ensure that your loved one's assets are distributed according to their wishes.
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