Being placed in charge of an estate is no laughing matter. You could find yourself embroiled in some extremely uncomfortable situations because of the highly charged emotions that can come up when a person passes away. If you are named as the executor of the estate, it's your job to comply with the last wishes of the deceased individual. While it would seem that this largely pertains to making sure that beneficiaries are paid, there are also many other factors at play. You need a skilled lawyer who can help you navigate the rocky waters. Find out how a probate attorney is an essential partner when dealing with the complexities of an estate.
Estates Can Sometimes Include A Heavy Load Of Debt
It would seem that if a person dies while still having outstanding debts the balances would be wiped clean. However, the reverse is actually true: If there are assets at play at the time of death, creditors can attach to them in order to receive enumeration for the money that was owed. If you don't know how to properly deal with issues of this nature, you could mishandle the estate and cause the beneficiaries to sustain an incredible financial loss.
A probate attorney will know how best to deal with the debt. There may be many different avenues you can take which will minimize the fallout from the debt. For example, some may be able to be written off while other parts could actually fall outside of the statute of limitations. You won't know this unless you have the valuable counsel of an experienced lawyer.
Some Assets Might Not Be In The Will
A very important part of proper estate management involves skip tracing. This is the process whereby unaccounted for assets are located. It's a very extensive procedure that could uncover an incredible number of assets that the deceased individual failed to list in the will. An accident or illness may have overcome them before they had a chance to do so.
Probate attorneys partner with skip tracers to find these assets. Instead of bank accounts or other financial holdings unknowingly being surrendered to the government, the attorney is there to see that assets go to the rightful recipients.
Acting as the executor of an estate can be much easier when you have help. Find a probate attorney to talk to so you will know how to make the most of the estate you've been entrusted with.