Posted on: 25 August 2022
Estate administration can be a complex and time-consuming process, and it's often made even more challenging by the fact that it's often accompanied by grief. For many people, the thought of dealing with these matters on their own is simply too overwhelming. This is where a probate attorney can be invaluable.
While it may seem like an unnecessary expense, there are several good reasons to hire a probate attorney to assist with estate administration. Here are four of the most important reasons.
1. Lower Your Tax Liability
Unfortunately, many investors forget about their tax liability and how paying more taxes than they owe can compromise the value of their assets. You should hire a probate attorney to ensure you don't make this mistake. The legal representative will ensure that your estates are properly valued for tax purposes.
This way, your heirs won't lose a chunk of their inheritance due to avoidable taxes. In addition, probate attorneys will guide you on how to distribute your assets to minimize the tax burden on your offspring.
2. Take Care of All the Paperwork
Tracking down all the necessary documents can be a full-time job in and of itself, and if any are missing or incomplete, it can delay the entire process. A probate attorney can take care of this important task, freeing up your time to focus on other aspects of estate administration. In addition, a probate attorney can offer valuable insights into the legal process, helping to ensure that everything goes smoothly.
3. Prevent Family Disputes
Probate lawyers have experience in handling estate administration and can help prevent any disputes that are likely to arise. They will act as the intermediary between you and your loved ones despite your absence. This way, they won't go against your last wishes; instead, allow the legal representative to distribute the wealth as per your stipulations.
4. Prevent Your Wealth From Probate
As an investor whose life's work is to amass wealth for your offspring, the last thing you would want is for them to wait years before they can receive what is rightfully theirs. That's why you should have a probate attorney on retainer who will prevent your wealth from going through extensive probate proceedings upon your passing. The court won't have a reason to take over estate administration if you had already appointed a legal representative to distribute your assets among your beneficiaries.
The probate process can be daunting, but with the help of an experienced attorney, it doesn't have to be. Having a qualified probate lawyer on retainer will ensure that your loved ones receive what you intended them to and that the entire process goes as smoothly as possible.
Reach out to a probate lawyer to discuss your estate.Share