Reason Why You Need an Estate Attorney to Help Administer a Will
A common situation in estate planning is where a parent has chosen, in their Will, to have one of their children act as Executor – take on the responsibility of Probating and meeting the wishes expressed in that will. The Executor may consider seeking estate attorney assistance with the probate administration process. The question that arises in their minds is: “Do I Need an Estate Attorney to Handle My Parent’s Estate?”
The answer to whether you need estate attorney assistance in settling an estate is different for every estate. The quantity, value and location of assets in every case is different. Further, each Executor is different, with different levels of knowledge and available time for each person. Therefore, it is each Executors duty to decide whether they can properly handle their role.
Here are some factors to consider when deciding if you, as Executor, can handle the estate on your own, or whether you need an estate attorney:
- Is it likely that the validity of the Will is going to be challenged?
- Does the Executor want the responsibility?
- Does the Executor have available time to handle the process?
- What is the value of the estate? A simpler Probate process is available for Estates with a total value less than $40,000.
- Are there a lot of assets? Multiple Bank accounts, multiple real estate properties, lots of cars can take a lot of time to take control of.
- Are there unusual assets? Assets such as firearms need special care.
- Are some assets, such as real estate, held in common with other tenants.
- Is the Executor prepared to process and handle complex tax issues?
In probate administration, where Estates can be worth lots of money, mistakes that lead to angry beneficiaries can result in financial liabilities for the Executor. While it may not be necessary in all case, it is always a good idea to hire an experienced estates attorney to assist in resolving legal matters and limit personal liability as executor.
If you are an Executor and need an estate attorney to help with administering an estate, contact The Law Office of Eugene Glouzgal for a free consultation. Let us show you why we are the right estate attorney to help settle your loved ones estate.