random header image

Tips For Choosing Estate Agents To Settle Probate Estates

Submitted by: Simon Volkov

Estate agents reference people who have been appointed to settle estates of a person who has passed away. In most cases, agents are appointed in a decedent’s last will. If a person dies without having a Will, agents have to obtain confirmation through probate courts.

Probate law requires estate agents to be of legal age. Any person who has a felony conviction is not allowed to engage in estate settlement duties. When selecting a person for this position it is good to choose someone that can maintain accurate accounting records; meet court imposed deadlines; and work well in stressful situations.

Choosing someone to become your personal representative upon death is an important decision. Sometimes, relatives have hurt feelings if they aren’t chosen. Others would rather not have to deal with the responsibility or don’t have enough time to manage estate settlement. For this reason, it is recommended to discuss this position with the individual prior to appointing them in the Will.

When writing a Will, it’s a good idea to name a primary and secondary estate agent. If something happens that prevents the primary person from fulfilling duties, the secondary agent is able to take over. This backup plan can save relatives time, money, and stress.

Family members are usually chosen for this position, but there are times when it might be better to hire a neutral third party. When families tend to fight and bicker, there is a good likelihood disputes over inheritance will arise.

[youtube]http://www.youtube.com/watch?v=SRlqw57NsIQ[/youtube]

One strategy to minimize problems is to hire a probate lawyer to oversee estate settlement. This is particularly helpful if there is probability for one or more heirs to contest the Will.

People are more likely to behave rationally and forego initiating lawsuits against the estate when a lawyer is the representative. While it’s not an ironclad preventative measure, it is usually effective.

One thing to consider when selecting estate agents is if they might have to act as a referee or mediator. When placing relatives in this role; think about their ability to bring the family together. Relatives considered as the voice of reason are usually good candidates for this task.

A large percentage of estates are settled via probate. The amount of time required to undergo the probate process depends on court caseload and the complexity of the estate. As long as a last will is provided, probate is a pretty straightforward process.

While probate can be completed without a lawyer, most agents find they will need legal help with certain aspects. This is especially true when a person passes away without leaving a Will.

This kind of estate is referenced as ‘intestate’ and requires having an agent appointed by the court. Since decedents didn’t leave directives in a Will, everything they owned is given to heirs according to probate law.

If decedents engage in estate planning strategies, the agent’s work is simplified. They will need to notify government agencies, like Medicare and Social Security, of the death, as well contact creditors to clear up outstanding debts.

Agents will need to take inventory of probated assets and make certain they are protected during probate. Agents also need to arrange for property appraisals of valuable property; prepare and file property transfer records; prepare estate accounting records; disburse assets to heirs and beneficiaries; and file a final tax return.

Estate agents do receive financial compensation for their work. Payment is usually governed by state probate laws, but is typically paid at a flat fee, hourly rate, or percentage of total estate value.

About the Author: Simon Volkov is a California investor and probate liquidator who has compiled a large estate planning article library to help people learn how to protect estate assets. Topics include tips for choosing

estate agents

, ways to avoid probate, and how to write a Will. Learn more at

SimonVolkov.com

.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1090068&ca=Finances