There are certain stipulations and financial avenues that need to be explored when someone passes away and leaves property, valuables, and finances in the hands of their family or friends. Though this process is always complicated, it is not needlessly so. Every small step is necessary, and sometimes that can result in a backlogged probate-;one hung up on significant details, inconsistencies, and other issues. Below is a review of the initial step of collecting and appraising the data. If this goes well, it sets the tone for the rest of the probate.
The will is enough to get the ball rolling, but the Probate Attorneys must make sure the individual in the will owns everything they say they do. They take what is called an inventory. It is a systematic review of every aspect of the will matched against what is going on with the actual estate. This includes many small details, such as the application of life insurance, back taxes owed, liens on properties, retirement accounts, final paychecks, and many other considerations.
These
elements all help create the financial narrative. It may affirm who
is earning what through the will estate, but where is it going from
there? Are the organized details in line and consistent?
For
better or worse, this will likely set the tone for the entire
probate. What this means is that an early inconsistency will look
poorly on the overall accuracy and organization of the estate. It is
not uncommon for a small issue to be turned into a larger one after
pulling at the threads and unraveling the details.
For example, a checking account is in place as a reserve. This checking account will pay off, for example, back taxes owed to the state. If the checking account is depleted, how are taxes paid? It must come from another account, which opens the door for discrepancies. Will it come out of the property sale? Not necessarily, for the taxes may need to be paid before any property can close. These concerns are not uncommon with Probate Attorneys. reach out to Starr, Bejgiert, Zink & Rowells for learning how the organization of the initial paperwork makes for a smooth probate. Like us on Facebook.
