As the executor of an estate, you might need to hire a probate attorney if your assets wind up being transferred to you, or just to play things a bit on the safe side. Throughout the course of this brief article, you will learn of a few questions you should ask in order to decide whether or not hiring a probate attorney is a necessary step.
Is The Estate Small Enough Such That It Does Not Owe Federal or State Tax?
It's generally the case that most estates are far too small to owe federal estate tax. It could be the case, however, that you will owe state tax on the estate. Currently, 18 states require that you pay state estate tax. If you happen to live in a state that demands this of you, or if you're one of the very few individuals with an estate large enough to owe federal estate tax, it is recommended that you hire the services of an attorney with probate law experience due to their tax-related and legal expertise.
Are The Deceased Persons Assets Able To Be Transferred Out Of Probate?
Hopefully, most of the assets that you inherit will be able to be transferred to you outside of a probate court. For example, assets that are currently held in a living trust do not require the mediation of probate court or for assets in which the deceased named a specific beneficiary. In these aforementioned case, the process is quite cut and dry and it is unlikely that you need the services of a probate attorney. In cases where probate court is necessary, then it is recommended that you hire the legal expertise of one.
Does The Estate Have Enough Money To Pay Back Its Debts?
Outstanding debts that the estate might owe (such as expenses related to the deceased's final illness, final income taxes, funeral costs, etc.) can be a costly endeavor. However, if the estate's monetary assets are enough such that they can completely cover these expenses, you will not need to hire a probate attorney. However, if you find that the estate's fund cannot cover these issues, then you should proceed by receiving, at the very least, legal advice from a probate attorney.
If you have any further questions regarding probate law, or you believe that you genuinely require the services of a probate attorney, don't hesitate to contact a local and trusted lawyer at once. Contact a business, such as Donald B Linsky & Associate Pa, for more information.Share