As an executor of a will, you probably have chosen the path of working with a probate attorney in administrating the estate through probate. As with any other legal matter, successfully working together demands effort from you and your attorney. There are two kinds of relationships you can have with your attorney. Either you hand over the probate case to the probate attorney for full representation or decide to consult them only when you have questions or issues get out of hand. Whatever the case, the probate attorney 10022 is readily available to assist with your New York probate.
A) Full representation
This is the option taken by most executors. It helps you sleep better, knowing that a professional in person or the probate attorney handles all the court-related tasks. Since probate is their expertise, they are better off handling it and avoiding mistakes. But it’s not like you, as an executor, should exactly sit back with legs crossed. It remains your responsibility to take inventory of assets and secure them, pay bills, and tag along with the probate attorney. But all in all, your part would be much easier to handle knowing that experienced hands handle the more professional and legal aspects.
If you are paying your probate attorney by the hour, it can be beneficial and more cost-effective if you can still handle a few simple things yourself. By so doing, you would be paying less since the probate attorney wouldn’t spend all day handling things that perhaps you can handle yourself.
What does it take to wrap up an estate?
To wrap up an estate, the probate attorney and the executor need a lot of sorting. There is a need to review all the decedent’s documents to ensure nothing is missed. Many calls must be made to different companies or institutions that the decedent must have worked with or be affiliated with, such as insurance companies, banks, etc. As the executor, you can handle most of these tasks as they do not require any expertise. However, you and your probate lawyer must understand who handles what so that time and effort are not wasted on less important tasks and more important ones are not ignored. All in all, the following tasks are necessary for wrapping up an estate:
- Collecting the death certificate and original will of the decedent
- Submitting the original copies of the above to the Surrogate’s Court
- Taking record of all assets owned by the decedent
- Valuating all assets
- Timely preparation and submission of income tax returns and estate tax return forms on behalf of the decedent
- Paying bills and debts of the estate
- Distributing assets to beneficiaries/heirs and then closing the estate.
B) Hiring a lawyer for professional advice and consultation
If you do not wish to hand over the bulk of probate to a probate attorney, you can handle it yourself while obtaining only legal guidance from a probate attorney. In this case, the probate attorney would only offer limited services in the form of advice or clarifying salient points about probate and duties that you’re uncertain about.
It is preferable for estates with no potential estate litigation cases.
Although most probate cases involve lots of paperwork, some do not involve estate litigation cases. Estate litigation arises from will contests and different forms of objections by disgruntled parties. Such cases are more prominent in large estates with extended families and heirs that are unfamiliar or unfriendly to one another. In that case, you would need a probate attorney to come in and resolve issues and give legal representation in court. But if the estate you’re administrating doesn’t pose such a threat, you can carry out most of the activities with guidance from your probate attorney.
Why it’s important to hire a probate attorney
You may often feel that you can handle everything yourself without assistance from an attorney, but there are things you may be ignorant of as you have never done this before. Mistakes made can lead to you being accused of fraud or mismanagement, and you may even be penalized by the court. That is why, before you act, you need at least to seek the professional advice of a probate attorney. Attorney fees are nothing compared to the cost you may incur trying to rectify mistakes already made. The Probate Attorney 10022 is ready to give you the best legal representation or consultation.