One of the most useful resources available to you if you are attempting dealing with the estate of a friend, loved one, or associate that has passed away is a probate lawyer, mostly because the many ways in which he or she can make the entire probate process much simpler for you. Listed below are two reasons to hire a probate lawyer.
Preserve The Value Of The Estate
One of the most important reasons to hire a probate lawyer is because he or she can help you preserve the value of the estate. The primary way that the probate lawyer will do this is by helping you to resolve any issues that the beneficiaries of the estate have with the distribution of assets without having to go to court. This is extremely important because going to court can very quickly drain a lot of the value out of the estate because of how drawn out these court cases can be.
An example of how the probate lawyer can help the beneficiaries come to an agreement outside of court is to help them come to a compromise, such as sharing a piece of real estate that is included in the estate. Another option could be to sell the piece of real estate or other portion of the estate that is being an issue and have the proceeds distributed amongst the beneficiaries.
Ensure That Debts Are Paid Correctly
Another very important reason to hire a probate lawyer is in order to ensure that any of the debts that are owned by the estate are paid correctly. This is typically going to be a concern if the estate does not have enough money in it to cover all of the debts that were left behind by the deceased.
In that situation, the probate lawyer will be able to show you which of the creditors have priority over the others and therefore should be paid first. This is extremely important because if you do not pay the creditors in the correct order and a priority creditor goes unpaid in favor of a creditor that was lower down on the list of priorities, you could very well end up facing fines and penalties as a result.
Make an appointment with a local probate lawyer today in order to discuss how he or she may be able to help you deal with any estate issues that you may be running into. A probate lawyer can help you preserve the value of the estate and ensure that debts are paid correctly.