Should You Hire An Estate Administration Attorney?
Posted on: 22 March 2021
An estate administration attorney is a lawyer who can assist you with handling the basic operations of an estate. These are the tasks that a will typically assigns to an executor. Court-appointed administrators may also wish to bring in extra help for the same reasons. If you're not sure about whether you ought to hire one, here are four arguments for you to do so.
Complicated Estate Debts
One of the foremost administrative goals of an estate is the retirement of the deceased's debts. Particularly if a decedent left complex debt structures behind, it's important to sort them out. This includes identifying all outstanding creditors to ensure no one might have a claim against the estate that would force probate. Likewise, you'll want to get exact amounts owed to those parties to determine if the debts can be retired and how much money or assets it will require.
The next hurdle is establishing what the distribution process needs to be. If there are complicating factors, such as selling a house and distributing the proceeds, you may need assistance with determining a sale price. Also, you may need to decide whether an open sale, a brokered sale, or an auction is the best way to achieve the most value for the beneficiaries.
Large estates can be cumbersome due to the number of potential recipients, too. You may need help determining who is the right beneficiary, especially if a named beneficiary has passed away. It's best to approach these questions with an abundance of caution to ensure the protection of all beneficiaries' rights.
Assigning responsibility to a successor can be a challenge, particularly if the will doesn't name one. Succession may be necessary if an executor has passed, is unavailable, or is unable to conduct their duties.
Even if there is a named successor, it's important to confirm that succession is the appropriate solution under the circumstances. For example, an executor might have a conflict of interest. The succession plan will have to go to a probate court for approval.
Processes, Hearings, or Litigation Risks
Parties have the right to request that a court will hear their concerns. They might object to an executor's approach to handling the sale of assets, for example. An estate administration attorney can help an executor explain to the judge why certain choices are justifiable. Even if litigation doesn't seem likely, it's best to keep an eye on that possibility if there are issues.
To learn more, contact an estate administration attorney.Share