What is the name of the person that handles an estate?
Executor. The person named in a will to manage the deceased person’s estate; called the personal representative in some states. The executor collects the property, pays any debt, and distributes the remaining property according to the terms of the will.
Which is the best way to hire an estate attorney?
Here are a few tips to hire an estate attorney: You don’t have to hire the first estate attorney you talk to. Personality matters. As an executor, you will have to work with the estate attorney, so make sure the estate attorney you hire is someone you trust and respect. Ask about the fees. How will the estate attorney be compensated for her work?
When is a family member responsible for an estate?
If there’s not enough in the estate to cover the debt, the remainder goes unpaid. However, there are some conditions when family members may be responsible: if they co-signed an obligation, are a spouse of the deceased, or are legally responsible for handling the estate and haven’t complied with laws.
Can a estate be transferred without a lawyer?
Here are some circumstances that make you a good candidate for handling the estate without a professional at your side. Not every one of them needs to apply to your situation—but the more that do, the easier time you will have. Most or all of the deceased person’s property can be transferred without probate.
How much should I pay my brother to manage my mother’s estate?
Your brother has managed your mother’s estate for two years and — given the time and stress involved in managing a person’s estate — particularly when family is involved, $20,000 is probably not unreasonable. It’s a thankless job, except for the remuneration.
Who is the executor of my mother’s estate?
The estate included her home. It was paid in full, but a mortgage was opened a few months before she died to pay for home health care expenses, farm property, a time share and personal belongings There are four children and one was designated the estate executor. The bulk of the estate has been settled to everyone’s relief.
Do you need a lawyer to manage an estate?
The estate doesn’t contain a business or other complicated asset. Managing, appraising, and selling a business are all tasks that require some expertise and experience. You’ll probably want expert advice. No one is fighting.
When to hire an estate planning and probate attorney?
That’s why anyone in a position to manage an estate needs to contact an estate planning and probate attorney as soon as possible, especially if the estate is of considerable value. The cost of hiring an attorney will differ depending on where you live and the size of the estate.