Do I need to hire a Probate Attorney?

When a loved one dies, the probate process may kick in shortly to settle the matters of their estate. However, every estate does not need to go through probate, depending on its composition and the extent of estate planning carried out by the decedent. Whether the deceased’s estate is subject to probate or not, obtaining some legal advice from an expert is always recommended. Estates that are worth less than $50,000 do not normally require the decedent’s family to hire an attorney or experience probate. The probate procedure for a small estate differs from that for big and complex estates.

What is Probate?

Probate is a judicial process that executes a deceased person’s Will or settles their estate in accordance to intestacy law. If a person dies without any estate planning or even creating a simple last will, they died intestate, and their estate is destined to be supervised by probate court. If the size of the estate is significantly large and it involves very high value or special types of assets, the probate proceedings are often drawn-out, tedious, and expensive.

Small estates that contain simple assets like a mortgaged house, conventional car, and usual household items are simple to sort out, so the probate process is straight forward and short lived. However, if your estate includes a business and other commercial property, the services of a dedicated attorney become necessary. Probate looks over various aspects of the decedent’s estate, which includes succession of a business, division and distribution of property, payment of debt, and settlement of estate taxes.

Since probate works on the principles of intestacy law, the estate can only be transferred to the decedent’s immediate family or blood relatives; unless, they state otherwise in a certified Last Will and Testament. Certain types of assets like IRS accounts are not supervised by probate court, thus they are directly transferred in the name of the designated beneficiary. If the deceased transferred ownership of assets to a living trust, these assets would also be able to avoid probate.

What does a Probate Attorney do?

An estate-licensed probate attorney can help navigate the probate process and make it easier for the survivors or successors of the decedent. If the deceased left a Will and appointed an executor of Will, the probate attorney would assist them in undertaking the duties owed to the estate. Probate Attorney in Pittsburgh, PA, offers multiple services, including:

• Tracking the decedent’s assets
• Inventorying assets
• Estimating net worth of assets
• Classification of debts
• Compensating creditors from the estate
• Resolving property disputes
• Dividing and distributing assets among rightful heirs or designated beneficiaries
• Handling matters of guardianship
• Sorting out estate taxes and their payment
• Management of property appraisals
• Retitling of assets
• Preparation and completion of all legal documents
• Collection of insurance and investment proceeds
• Business transition and litigation

The fee charged by a probate attorney depends upon the complexity of the estate, and how much time it takes to settle its affairs. An estate worth millions of dollars with multiple legal heirs and contenders would take ample time and money to sort out, unless the decedent left a comprehensive estate plan. Your attorney will determine if the estate of your loved one is eligible for ‘small estate’ procedures or ‘summary probate’. If your case qualifies, the estate can be settled with minimum or without intervention of the probate court. 

Article source: https://article-realm.com/article/Finance/17999-Do-I-need-to-hire-a-Probate-Attorney.html