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Distributing assets after the death of a loved one may seem an easy task. However, many issues need to be taken into account during this process. Some of them include the type and value of distributed assets and whether there may be a need to pay any inheritance taxes. A lot of paperwork is also involved. Hiring a probate lawyer to handle the process can simplify everything. Here are three vital tasks these lawyers handle.
Preventing Liability
An executor can be sued if they commit errors when paying creditors, creating reports, and mismanaging an estate. The charges can be pressed by creditors, friends, family members, or anyone else dealing with the deceased person's estate.
A probate attorney can prevent you from being sued and protect you from liability. They'll ensure the creditors are paid on time and review and edit the financial assets before distributing them to the beneficiaries. They'll also ensure that all the legal requirements are met, saving you a lot of headaches and stress before you'll worry less about contravening the law.
Reviewing Assets
Before a property is distributed to the heirs, it's vital to ensure it has correct documentation. These include titles, mortgages, deeds of trust, registrations with the state and other government organizations, a lease, and any other necessary paperwork that shows who has the right to use the property. It's also vital to have an inventory of all the items on the property to determine which ones to sell, and the ones work keeping in storage.
A probate attorney will review the assets and ensure they're paid appropriately. They'll find out if all the creditors have been paid, and if there are any outstanding debts, they'll negotiate a payment plan with them. Furthermore, they'll take care of all the paperwork and closing procedures, ensuring everything is done on time. This way, you won't risk losing essential assets or poorly managing the estate.
Taking Care of Taxes
If you pay property taxes yourself, you may risk losing tax deductions and instead be liable for taxes. A probate attorney can ensure that you don't miss any vital tax deductions. They'll value your property and distribute them according to state law. They may also liquidate and sell some of them to get money to pay debts. This will ensure you get the best tax results possible. On top of that, they'll provide you make all tax payments on time to prevent you from incurring penalties applied on late payments.
Probate issues can be pretty complex and confusing. If you're having a hard time figuring out the process, an attorney can guide you throughout the entire process, making sure you do things correctly.
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