There is Debt and the Estate Doesn’t Have Enough Money to Pay It
If the estate has enough money to cover all its bills, you can likely simply write checks to settle its debts. On the other hand, if the estate’s debts exceed its assets, you probably want to hire a lawyer to help you determine which debts you legally must pay and how to address the remaining obligations. When an estate has sufficient funds to pay outstanding debts, most executors should be able to handle the work. However, if the estate doesn’t, executors should seek advice from a lawyer to help with decisions on which debts to pay. The law gives certain creditors priority, so an attorney can advise on who should be paid first.
A Lot of Infighting from Immediate Family Members
The heirs are constantly fighting. Unhappy family members may decide they are dissatisfied with how an estate is being administered and contest the will. If nobody objects to the administration of the estate, you might be able to wrap things up easily. If surviving family members are unhappy, though, they might file a legal action requesting a court to intervene. If that happens, you probably want to hire a probate lawyer to represent the best interests of the estate. Family fights can cause loss of large sums of money from the estate, so retaining the services of an attorney could help resolve issues, protect funds and avoid court battles.
There is a Business Which is Part of the Estate
The estate owns a business and it is part of the assets. If the estate contains a business, a probate and estate lawyer annapolis md may need to provide professional guidance on managing, transferring or selling the business. Wrapping up a business is significantly more complicated than merely settling an estate. As such, if the estate owns a business or an interest in a company, you likely want to hire an experienced probate attorney to help you execute the estate. Executors can handle estate assets such as a house, bank accounts and personal items without legal advice.
While there are many instances in which you probably need the counsel of a probate and estate lawyer, if you experience any of these three situations, you will know to seek professional assistance. Contact a law firm to find the right probate lawyer for your case.
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