The death of a loved one is an understandably traumatic experience, this is not improved by the added stress associated with correctly sorting out the inheritance. Making sure that the inheritance process is handled correctly will ensure that you will experience fewer issues and increase the chances of you achieving the ideal results. In this article, we will mainly take a look at the question of whether you need an attorney for inheritance or if you will be just fine doing it yourself.
Is an Inheritance Attorney Required?
You are not legally required to use a specialized inheritance lawyer. But this does not mean that it will not be hugely beneficial for you to acquire the services of one. It is important to note that inheritance attorneys also known as probate lawyers are specialized in this field and are licensed in the state that they are operating in.
Often, the costs will be a major worry for individuals considering highering solicitors for this matter. Despite the average commission that a probate attorney takes ranging from 1% to 5% on average, you can avoid this commission altogether by paying an hourly rate although this will cost more money upfront.
Ensuring Things Run Smoothly
Claiming your relative’s inheritance is not as simple as submitting a few documents to your local government. There are a lot of things that you have to deal with, one of those is calculating the amount of tax that you owe. This will depend on the type of assets that you are potentially inheriting and their value. Usually, this will also require for the assets to be independently valued by experts.
To add to this, you will have to identify all of the assets in question. This is fairly easy for smaller estates however it can get very tricky for the large estates, you can benefit from the experience of someone who has taken on such a task before.
Furthermore, you have to file all of the documents that you need, and do so correctly. It is not advisable for you to do some last-minute research after you have finished work as this will in many cases lead to costly mistakes.
Taking the Will Into Consideration
An extra layer of complexity emerges if there is no will, no one is named in the will or the individuals named cannot inherit it for a number of reasons. Additionally, even if the will is in ideal condition, there is still the possibility that someone may try to challenge the will. Such complications will almost certainly require you to hire an experienced solicitor in the field of inheritance.
To conclude, although you could try to save money by doing it yourself, in the long term it is simply not worth the wasted time and money that this decision will end up costing you. An experienced inheritance attorney is a great value for money investment.