As you get older, your thoughts might turn to what will happen to your estate after you die. You might want to protect your wealth and assets from being lost or misspent. You also may have specific plans for how you want it to be executed and dispersed after your death.
However, you cannot simply rely on your friends or family members to carry out your plans precisely. Instead, you can plan out and leave the execution of your estate to an experienced local probate lawyer.
Dealing with Taxes
As much as you want to safeguard your wealth, you still have to deal with the reality of paying your final taxes. In fact, the IRS will still tax your estate, even after you are gone, and may put a levy on your bank accounts and assets if you fail to plan ahead for paying them.
When you have an experienced probate lawyer on retainer, you can lay out plans for how you would like to pay your final taxes after you are gone. Your probate lawyer can advise you on how much money to set aside for this expense. He or she can also ensure your estate pays the taxes and avoids incurring a lien or levy on it.
Keeping Creditors at Bay
Your probate lawyer can also keep creditors at bay after you pass away. When creditors see the notice of your estate execution in the local paper, they might file a claim against your estate. Their claims would then have to go to court, and a judge may have to decide if the creditors have a legitimate argument for claiming money from your assets and wealth.
Your probate lawyer, however, can notify eligible creditors and fight off unmerited claims. He or she can ensure as little of your estate is paid out in debts and more money and assets are left over for your heirs.
Speeding Up Estate Execution
Finally, a probate lawyer may be able to speed up the process by which your estate is executed. He or she might have it filed and dispersed in a matter of weeks. Your heirs avoid having to wait for their inheritances.
A probate lawyer can provide critical services. He or she can advise you on how to pay your estate's final taxes. Your attorney can also fight off claims from creditors and speed up the pace of having your estate executed and dispersed.Share