Will you soon be going through the probate process and don't know what to expect? If so, it helps to know what your probate lawyer is going to ask so that you can be well prepared.
What Financial Accounts Currently Exist?
It's important to create a list of all financial accounts that the estate has, which includes checking and savings accounts, credit cards, and investment trading accounts. This will be one of the first steps, which is to determine how much cash is on hand to help pay for expenses associated with the probate process.
Is There A Safe Deposit Box?
Many probate attorneys are going to ask if there is a safe deposit box. Not only are assets often put in a safe deposit box, but it is often the location of someone's final will. By looking in a safe deposit box at the start of the process, you can avoid any conflict about where the last will is located.
What Assets Does The Estate Own?
Your probate lawyer must know about all assets that are owned by the estate. This includes personal property, real estate, and anything of significant value. They don't need a list of all personal property that is owned, but even a list of high-value assets can be helpful. This is because there may be a point where money is needed to pay off debts that the estate owes, and the only way to get that money is to sell off assets. The lawyer can use that list of assets to determine their dollar value and make suggestions of what can be sold to help cover those debts.
What Assets Do You Want To Keep?
If assets do need to be sold off, it's important to determine which assets you want to keep so that they are not considered for selling. This is often the case when someone is listed as receiving a specific item in the will, and you want to make sure the heir receives what was promised to them. This can put that asset on the bottom of the priority list of things to sell.
Some people may also have an attachment to property that they don't want to use. Maybe it's a piece of hunting property that gets used by all of the family members, or there is a desire to keep the house because other people are currently living in it.Share