Probate Attorney Long Island

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Probate Lawyers Would Assist You Through Probating Process:

Placing a value to your asset

In initiating the probating process, one of the first things the executor of the Will must do is estimate the monetary worth of the assets left by the deceased. The executor must ensure that each asset is well accounted for, and it’s worth known. Part of these assets will be used to settle the outstanding debts (if any) of the deceased, as well as paying for funeral expenses. An accountant may also be hired to offer accounting services accounting as regards the estate’s monetary worth. He’ll as well be paid out of the estate’s purse. If the net value of the estate is not enough, then the beneficiaries will definitely not get the exact amount of estate property that the Will stipulates.

Probate lawyer would help settle Issues with creditors

The executor may also be faced with claims against the estate. Imagine the deceased dying and leaving a multi-million dollar estate. Lots of people from the public may come out of nowhere and claim to be creditors of the deceased, all for the purpose of reaping where they did not sow. knowing a real creditor from a thief would require thorough investigation and presentation of legal documents. You as an executor cannot oversee this on your own. You need the expertise of the Probate Lawyer.

Distribution of assets among beneficiaries

The probate lawyer would help distribute assets to named beneficiaries. The executor may not get along well with the beneficiary or beneficiaries. During the probating process in the law court, he might seek to prove how qualified the beneficiary is to benefit from the asset. Also, a will can be “contested” by the beneficiaries. To resolve all these issues, you’ll need to hire a Probate Lawyer.