Serving as the executor of a loved one’s estate is an important role. However, it can also be confusing and overwhelming. Unless the estate is small and relatively uncomplicated, executors may require assistance with the administration of the estate.
Many executors in this position choose to hire an attorney for estate administration. The right attorney can help you reduce stress and uncertainty during this difficult time. If you’re considering hiring an estate administration attorney, or you have already determined that doing so is the right choice, here’s a closer look at what to expect.
What Executors Should Know Before Hiring an Estate Attorney
The executor of an estate is the person selected to carry out the deceased’s wishes and handle the administration of the estate. If you’ve been chosen as an executor, this isn’t a role to take lightly. If you fail to uphold your legal responsibilities, you may be held personally liable even if your errors were honest mistakes.
If you’ve been nominated as the executor of a small, uncomplicated estate, you may be able to handle administration yourself without the help of an estate attorney. However, if the estate is more complex, it’s often wise to hire an estate administration and probate attorney for executors in Denton.
If you choose to hire an estate attorney, you aren’t abandoning your role as executor. Instead, you’re essentially bringing an advisor on board. When you have the benefit of professional guidance, you can move through your duties as an executor with confidence.
Key Services an Estate Administration Attorney Can Offer
You may already know that an attorney can assist you in your role as executor. But what does an estate administration attorney do? These are some of the most important services they can offer you.
Managing and Appraising Assets
Some estates are more complex than others. Regardless of the size of an individual’s estate, their assets must be gathered and appraised before they can be divided. Your attorney can identify and value estate assets like these:
- Bank accounts
- Real estate
- Cars, jewelry, and other personal property
- Business interests
- Retirement and investment accounts
- Cryptocurrency and other digital assets
This can be a daunting task on its own. Even if your family member or other loved one listed their assets in their will, there’s still a chance that they unintentionally left some out.
Navigating Probate
When choosing a probate vs. estate administration attorney, it’s important to understand the difference between these two terms. Probate is a process where the court formally validates the will. The probate process can be long and complex, especially if there are disputes regarding the will.
When it comes to estate administration, probate is one of the most challenging parts to navigate. A skilled estate attorney can handle probate-related filings and help you avoid costly and time-consuming errors.
Resolving Disputes
The probate process offers beneficiaries the opportunity to dispute all or part of the will. If beneficiaries dispute the will or disagree as to how it should be interpreted, a skilled estate attorney may be able to help guide them toward a solution.
Handling Debts and Taxes
Many people leave behind at least some amount of debt when they die. Just as they must identify all of the deceased’s assets, an estate administration attorney also gathers all outstanding debts and notifies creditors. These creditors can then place a claim against the estate.
If your loved one’s estate is large enough to be taxable, your attorney may be able to offer advice on how to minimize taxes. They can also file the tax return and ensure you remain compliant with tax law. Estate administration attorneys may also call in tax professionals if the tax situation is especially complex.
Administering Trusts
Usually, your estate attorney can also serve as a trust administration attorney. They’ll carefully examine each trust document and ensure the deceased’s wishes are carried out.
Maintaining Communication With Beneficiaries
The process of estate administration often takes longer than most people realize. Your attorney will likely keep all beneficiaries informed and make sure they know when assets will finally be distributed.
How Legal Guidance Streamlines the Probate Process
If you’re serving as an executor, legal help in Denton may make the probate process easier to navigate. For most people, handling probate is stressful in even the best of times, and going through it while grieving is even worse.
These are some of the most important ways a probate attorney can streamline the process:
Filling Out and Submitting Key Documents
Your probate attorney is well-versed in the Texas probate process. They understand what documents must be filed with the court and when. This helps you avoid time-consuming, expensive delays.
Offering Liability Protection and Peace of Mind
As an executor, you may be worried about legal liability for mistakes. When you have an experienced probate attorney guiding you through each step, you can go forward with confidence.
Interpreting the Will
Because probate attorneys work with wills on a daily basis, they can understand the terms of your loved one’s will and explain it in a way that all beneficiaries understand. When an attorney interprets the will, it reduces the risk of beneficiary feuds over the terms.
Common Pitfalls Executors Face Without Legal Support
There’s no shame in seeking out legal help for executors. In many cases, making sure you have legal support is wise.
However, some executors are determined to handle the process of estate administration on their own. Doing so may lead to serious mistakes with far-reaching consequences. These are some of the most common pitfalls:
- Failing to properly notify creditors
- Distributing assets before all taxes are paid
- Failing to keep accurate records
- Failing to follow the terms of the will
- Misusing estate funds (even accidentally)
Many of these errors can land you in significant legal trouble. In the vast majority of cases, hiring legal support is the right course of action. At the very least, it can grant you peace of mind.
Questions to Ask Before Retaining an Estate Administration Attorney
Before hiring an estate administration lawyer in Texas, you should take the time to ensure the lawyer is a good fit for you and your situation. One of the best ways to do this is to schedule a consultation and ask questions like these:
- How much experience do you have with estate administration?
- Have you worked with estates similar to this one?
- Do you handle probate litigation?
- Can you help with tax planning for the estate, or should I consult a separate tax professional?
- What’s your fee structure?
- Is your fee all-inclusive, or will there be additional expenses?
Ideally, you should identify potential candidates and meet with them before you have to actually administer the estate. Having experienced attorneys who meet your needs makes a major difference, but you need to give yourself time to find them.
When to Involve an Attorney and What to Expect
When should you seek out estate administration services in Texas? Working with an attorney can be advantageous for just about any executor. However, hiring an estate attorney is especially advisable if one or more of these situations apply:
You Feel Anxious or Overwhelmed by the Responsibilities
Serving as an executor is a major commitment, and unless you’re an attorney, a tax professional, or someone who has been in this position before, it’s easy to panic and not know what to do next.
Estate administration attorneys handle even complex cases on a daily basis. When you work with one, you can ease your anxiety and reduce your risk of making mistakes.
You Anticipate Fights or Conflicts Between Beneficiaries
Sometimes, beneficiaries have differing opinions on how the will should be interpreted. Inheritances seem to bring out the worst in family members, and if you’re concerned that the disputes may turn ugly, hiring an attorney to interpret the will and mediate arguments may be helpful.
The Estate Is Complex
The administration of an estate involving a bank account and two cars is much different than dealing with an estate that includes multiple businesses, a large investment portfolio, several pieces of real estate, and a few bank accounts. Attorneys can help demystify complex estates.
Estate Tax Is Involved
Estate tax makes anyone’s estate instantly more complex. If taxes are involved, it’s often wise to hire an attorney, a tax professional, or even both.
You might wonder — how long does estate administration take? The right attorney can streamline the process, but that doesn’t necessarily mean it’s going to be quick. The more complex the estate, the longer it generally takes to resolve.
Looking for a Probate and Estate Lawyer in Texas?
An attorney for estate administration can help you manage the responsibilities that come with being an executor. However, you shouldn’t rush into choosing a lawyer. You need someone with patience and experience to take on this crucial role.
The team at Hunter Sargent, PLLC, is ready to help. For seven generations, we’ve helped Denton families secure their legacies, and we may be able to assist you, too. Contact us today to book your initial consultation.