Not only does the death of a loved one come with a period of grief, but various assets are often left behind to be distributed to beneficiaries. Unfortunately, the assets that were left behind can bring a family into conflict, which places a lot of stress on the executor of the estate. For example, family members can complain about how the executor of the estate is managing the assets. If you are in charge of managing an estate and distributing the assets, hiring an attorney is important if you want to get through the probate process with less stress. You can go through the process of managing the estate on your own, but an attorney knows more about the legal aspects of the situation and your responsibilities as the executor.
Managing Commercial Real Estate
Did your deceased loved one own a business that was bringing in a substantial income? If so, your job as the executor is to figure out how to manage the business in a way that involves other family members. For example, the business can be sold so the money can be split between family members, or you can appoint people to keep the business running. Managing such a large asset can be complicated, which is where the assistance of an attorney comes in. An attorney can assist with getting the business appraised, placing beneficiaries in charge of running the business, or providing other helpful services.
Providing Legal Answers to Concerned Relatives
As you begin managing your deceased loved one's estate, other family members might cause conflict due to genuine concern or jealousy. If such an incident arises, the best thing you can do is handle the situation with professionalism and know your legal rights as the executor. Since they're there to assist with your duties as the executor, a probate attorney can answer any questions that your relatives may have. For example, if a relative does not understand why you are distributing assets in a specific manner, an attorney can provide an explanation that makes sense. Answering questions in a cordial and legal fashion can prevent conflicts from getting worse.
Paying Off the Debts of the Deceased
Another responsibility you have is to make sure the debts of your deceased loved one are paid, such as any income taxes that they owe. Money from the estate can be used to pay off the debts before distributing the remainder to beneficiaries. An attorney can help you throughout the process and draft up legal documents to prove that you used the money to pay off debts.
For additional information, contact a probate attorney in your area.Share