Everyone goes through myriad emotions when a loved one passes away. Because of this, you may not be in a position to think clearly. It becomes more evident if you are involved in any probate process. You are suddenly saddled with settling debts of the estate and distributing assets to the beneficiaries.
It is challenging to do all these alone as you will be overwhelmed with a lot of details. So it is advisable to take the services of an experienced probate solicitor. In doing so, you will receive guidance from someone who has loads of experience in the probate process and estate planning.
While there are many ways these specialists will help you once you hire them, here are the top reasons why you should hire a probate attorney from the firm of solicitors in Stourbridge West Midlands.
Managing Life Insurance Proceeds
When your dear one passes away, the first thing that happens is the paying of benefits from the existing life insurance policies. It does sound simple but is quite complicated. Since the deceased might have held multiple insurance policies, collecting them can be quite a lengthy process, and there could be conflicts or questions along the way. The probate solicitors are the best person to manage all these.
The Appraisal of Decedent’s Property
The probate court will require an appraisal to be done on the deceased’s property before the assets can be distributed to the beneficiaries. The appraisal is essential for paying off the estate taxes as the taxes need to be based on the property’s accurate estimation. The probate solicitors will look after this matter on your behalf since you will have little or no knowledge of the whole process.
Securing All Assets of the Deceased
The probate solicitors are responsible for helping an administrator find all assets that are linked to the estate. It is difficult as the deceased may have multiple bank accounts, even in different world cities. If there is no will, various individuals might lay a claim to a part of the estate. So it is important to locate and secure all assets as soon as possible so that the estate is properly distributed.
Settling the Debts
Whenever someone passes away, they invariably leave behind a few unintentional debts that need to be taken care of like mortgages, credit card debt, and medical bills. But, since it will take a bit of time before the estate is settled, it is necessary to speak with the creditors and find out a solution for the time being. While you may be able to do this yourself, the presence of skilled probate solicitors makes the job a lot easier. He will negotiate the payment arrangements with the creditors, giving you the time to get the estate settled.
Filing the Court Documents
When the estate is being settled, a lot of information is required by the court. If there are any challenges to the will, then the solicitor must be fully prepared to file various motions to the contrary. Each document that is filed with the probate court must have a deadline too.
A missed deadline could delay the settling of the estate, which is already a complicated process. So probate solicitors are required in each step when you are settling the estate of the deceased.