One of the first things an executor of a will is told is to hire a Probate Lawyer in Gig Harbor Wa. However, there are situations where a professional of this type is not required. How can the executor know when to retain an attorney and when one is not needed? The following will help the individual make this determination.
The Transfer of Assets
The first thing to be determined is whether the assets can be transferred outside of probate. If the deceased planned ahead, assets may be turned over to the rightful owners without the need to go to court. For example, an asset that is held in joint tenancy automatically goes to the surviving tenant. The same is true of any assets in a living trust or those where a beneficiary has been named.
Small Estates
If the deceased did not have many assets, there may be no need for probate. The executor simply needs to appear before the person or institution holding the asset to make a sworn statement. This is known as summary probate and the laws overseeing this process vary by state. The executor must learn what the laws of the state are in the state where probate would take place to determine if the estate can be handled in this manner.
Family Matters
Is the family fighting over the estate? If the answer is yes, an attorney should be retained immediately. This process can tear a family apart while draining the estate of its funds. By seeking help early, many executors find they can avoid a long, drawn-out battle.
Debt Settlement
Does the estate have enough funds to settle any debts of the deceased? If these matters can be handled by the estate, a probate attorney may not be needed. However, if the debts exceed the funds in the estate, an attorney should be consulted right away.
Don’t hesitate to meet with a Probate Lawyer in Gig Harbor Wa if you have any questions about how an estate should be handled. It’s always best to err on the side of caution if there are any uncertainties. By spending the money early in the process, the executor will often find he or she saves money in the long run. This is always appreciated.
