If you have been named the executor of a will, and you have no experience, you may become overwhelmed by the duties you need to perform. This is especially true if the will is being contested, but you will also realize just how much work there is with a will. Most, if not all, of the work and the problems can be dealt with by a probate attorney. The following are a few ways they can help you.
They can help if the will is being contested
Most wills that are being contested are for reasons that do not necessarily need to be litigated in court. But you may not be seen as a neutral party. Perhaps you stand to inherit a portion of the assets, or maybe you are seen as someone who is siding with another member of the family. A probate attorney can negotiate with those contesting the will because they have skills in reaching settlements, and they will likely be thought of as unbiased with regard to the will.
They can do all of the paperwork
Even without a will being contested, there is usually a lot of paperwork that needs to be done. There are documents that will need to be located and gathered together. One example will be the death certificate, but there are many documents that the court will need, such as insurance polices, mortgages and other loan agreements, and the will of the deceased. Not only will an attorney gather all the pertinent documents, but they will know exactly which forms that need to be filed with the court, how to file them, and the deadlines involved in filing these forms.
They will handle all of the financial aspects of the will
The executor of a will often finds the financial details to be the most time consuming. However, a probate attorney can handle everything for you. All of the assets can be identified by an attorney, and appraisals for the values of these assets can be made. All life insurance policies can be identified, and the proceeds from these policies can be collected. All outstanding debts can be identified and settled. Income taxes that are owed for the last applicable tax period can be filed and paid. Estate taxes can be calculated and settled as well. Any assets that need to be liquidated to satisfy the probate court will be done, and after all outstanding issues are settled, the net assets will be distributed by the probate attorney to the beneficiaries.
If you are concerned about the problems involved with the probate process as an executor of a will, then you need to consult with a probate attorney. They can handle all of the paperwork with a probate court, and they can identify all assets. They can identify and settle all liabilities, and disburse the remaining assets to the beneficiaries. For more information, contact a probate attorney.Share