After a person has passed away they usually leave behind property and a will. When a loved one names you as the executor of their estate, you will be in charge of settling all of their outstanding accounts, pay taxes, and ensuring that any leftover assets are distributed to the appropriate heirs. Many estates can be settled without hiring a probate lawyer. If your loved one took the time to plan their estate before their death, you may not need a lawyer. However, if they owned a business or if they did not have enough assets to cover their debts, it may be easier for everyone involved you hire an attorney.
When a business owner dies without a plan for the business, company business could be halted throughout the probate process. It is important to involve a lawyer when a business has to be transferred to an heir. In many cases, an expert will need to find out how much the business is worth. During this time, employees will need to be paid if the business is going to continue to operate. The process may be complicated and an experienced Probate Lawyer in Northbrook can ensure that mistakes are not made that can jeopardize a family business.
You may also need a lawyer if your loved one dies without enough money to pay their bills. Before you pay any bills, consult with an attorney to find out which creditors must be paid first. The law gives some creditors priority over others and paying the wrong bills first can cause future problems with the estate. The experienced attorneys with Orlowsky & Wilson Ltd. can guide you through the probate process to ensure that all of your loved one’s debts are settled according to the law.
Nearly anyone can settle a simple estate without a lawyer. At most, you may need to consult with an attorney initially to get advice and guidance before you file the necessary documents with the probate court. However, executors who are handling estates with high monetary value that are subject to federal estate taxes can usually benefit from the expert advice of a Probate Lawyer in Northbrook. Like us on Facebook.
