Many times, people are thrown into the situation of being the executor of an estate. As such, they may find the entirety of the situation quite confusing. A probate attorney can often times help you with such matters. However, there are probably a number of questions you have about probate attorneys themselves, including, "Should you hire a probate attorney to begin with?" The goal of this brief article is to thoroughly answer that question for you.
Does Your Estate Have Enough Funds To Pay Its Debt Back?
Many debts that are associated with inheriting an estate, namely final income taxes, the cost of the funeral, and expenses that revolve around a potential disease leading up to your loved one's death can often be covered by the funds of the estate itself. If this is the case, it may be unnecessary to hire a probate attorney. If you cannot cover this debt with the estate's funds, then such an attorney can help you resolve this issue or, at the very least, offer you legal advice that can push you in the right direction.
Is The Estate Small Enough That It Doesn't Owe Federal Or State Tax?
In almost every case in which an estate is inherited, the assets in question are far too small for you to ever pay federal tax on. There are, however, situations in which you will pay state taxes on the estate when you become the executor. Eighteen states in question require the payment of an state estate tax. In either situation, whether you're paying state or federal taxes (or both), you should hire the services of a probate attorney. He or she can ensure that all legal forms are properly filled out and your assets are being taxed properly.
Are The Deceased's Assests Able To Be Transferred Out Of Probate?
In many occasions, assets that you inherit as the executor of an estate can be transferred outside of the avenue of a probate court. This isn't always the case, and there are numerous situations in which you will find that you have to become ingratiated in the probate court process. Examples in which you do not have to go through the avenue of probate court include if the deceased established a living trust or named specific beneficiaries for specific assets. However, in other situations in which you may find yourself in court, it is recommended that you hire a probate attorney in order to represent your interests.
For a probate lawyer, contact an attorney such as David R Webb Attorney.