Managing Your Probate Estate
Since many probate estates have limited liquidity, they’re often difficult to manage. If an estate doesn’t have enough liquidity to probate, an executor or beneficiary might need to sell their valuable assets. If an estate is sold, beneficiaries and heirs cannot claim the decedent’s assets or property. This is true even if the beneficiary or heir is the decedent’s surviving spouse or another family member.
HCS Equity offers private loans that help solve a myriad of estate issues and provide flexibility for the administrator in order to carry out the deceased person’s wishes, assist each beneficiary in receiving their share of the inheritance without being forced to part with valuable family property, and allow heirs to maximize the value of their inheritance.
That’s why it’s so important to understand the probate process and how to manage a probate estate. Without this insight, it isn’t easy to ensure an estate can make its way through probate court. Here’s what you need to know about the probate process and managing a probate estate.
Hire the right attorney.
Depending on state laws, you’ll likely want a law firm on your side during the probate process. Probate court can be overwhelming for you, your spouse, and your family members. An attorney can act on behalf of the estate, help file important papers, and negotiate with the probate judge. The right law firm may even be able to advise you on how to handle the decedent’s debts and remove estate liabilities. It’s also good to have an attorney if anyone contests the last will of the decedent or deceased person. While it doesn’t happen too frequently, individuals sometimes lay claim to the estate counter’s assets to what the last will says or what has been agreed.
This, naturally, holds up the legal process and is part of why it’s so important to have a personal representative. Not only will this help you through probate court, but it will also help you handle any unforeseen complications that may arise. When you meet with an attorney, you should have your paperwork in order. This may include the death certificate, any applicable deeds, estate planning documents, and other pertinent information. This makes it easier to navigate some of the administrative components of probate court.
Get a probate loan.
During the probate process, you’re often liable for numerous expenses stipulated by the estate plan. You’ll likely have to hire an attorney, conduct real estate maintenance on the decedent’s property, and handle any of the decedent’s outstanding debts or medical expenses. This is often overwhelming for trustees, which is why many end up selling a person’s estate. This doesn’t allow any of the decedent’s heirs to handle their remaining assets and may mean parting with real property with distinct monetary value and sentimental significance.
A probate loan can help you navigate the decedent’s estate without worrying about liquidity. In many cases, you can avoid selling the decedent’s assets and maximize the estate’s value. Probate loans can provide you with the estate funds you need to smooth out the process. This can also help you cover estate taxes and is a more reasonable option than going to a creditor or selling a life insurance policy to cover costs. It’s often in your fiduciary interest to get a loan if you’re at all concerned about covering the financial burden of the decedent’s estate.
It often takes time.
If the probate process seems like it’s dragging on, that’s because it might be. As such, it’s important to be patient when you’re managing a probate estate. Even with the right law firm on your side and a probate loan, it may take a while for your case to progress. This can even vary depending on state probate laws. With the right assistance and a smart personal representative, it’s more likely that you’re going to have a smooth probate process. As long as you’re willing to take the time and care it requires, you’re liable to maximize the estate.