Probate attorneys provide assistance with the process of transferring assets after a death has occurred. The probate process can be a time-consuming and expensive process, with the costs and complexity determined by many different factors. One of the key things that will impact how the probate process works is how large the estate is. When an estate is a large one, there are special issues that could arise which do not typically occur with smaller estates.
Parman & Easterday helps with the process of probating estates of all sizes. Our legal team works closely with the executor of an estate, as well as with heirs or beneficiaries, to make sure that the probate process goes as smoothly as possible and that an inheritance is protected.
You should give us a call as soon as possible after your loved one has passed on so our compassionate and knowledgeable probate attorneys can begin to provide the assistance that you require. We can also help you make an estate plan so your family can avoid the problems that a large estate can sometimes cause. You should give us a call to find out about the assistance that we offer or you can read on to learn about some of the special issues that tend to arise when probating a larger estate.
Your Family May Need To Go Through Multiple Probate Proceedings
If you have a larger estate, there is a greater chance that the deceased person (the decedent) will own property in multiple states. Perhaps as asset inherited from a parent. Unfortunately, this could mean that your family will be forced to endure multiple probate proceedings after you pass on – one in your state of residence; another in the state where the property is located. This can add to the costs and the complexity of probate proceedings. Probate is already costly, with Investopedia estimating that probate proceedings can cost around three percent to seven percent of the value of the estate. If probate proceedings must take place in different locales, the costs are likely to be even higher. It will add even more time and delay to closing the estate and making distributions. Both time and costs further reduce the value of an inheritance left to your heirs or beneficiaries.
Your Estate Could End Up Owing A Lot Of Taxes
If you pass on with a large estate, your estate could end up owing a large tax bill to the IRS. While you are allowed to pass as many assets as you want on to your spouse without incurring estate tax, if you transfer assets to other loved ones or friends, your estate may need to pay taxes on the net value of your estate. As of 2018, you are allowed to pass $5.6 million in assets tax-free. However, once your estate exceeds this amount, taxes will need to be paid. This could be an especially big problem if you own a family farm or if you own a business. You may not have liquid assets to pay the estate tax due because the bulk of your estate could be tied up in your company or farmland. Heirs or beneficiaries may be forced to take a loan or to sell land or company assets in order to be able to pay back the taxes that are due.
Your Last Will And Testament Could Be Challenged
A last will and testament can always be challenged in any probate proceedings. However, the more money and property there is at stake, the greater the incentive for those who are unhappy with their inheritance to raise challenges. An experienced attorney can provide assistance in exploring ways to reduce the possibility that your wishes could be successfully contested after you pass away.
Getting Help From Probate Attorneys
Probate attorneys at Parman & Easterday can provide the assistance you need to successfully navigate the probate process with the minimum of stress and problems, even if the estate being probated is a large one. We can also help you understand how the probate process works and what issues your loved ones are likely to encounter after you pass on. This is how you create a smart and comprehensive estate plan.
To find out more about the services that our legal team can offer you, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time to get personalized assistance with the probate process or the estate planning process.
- Does Your Estate Plan Address Incapacity? - October 25, 2022
- What Is a QDOT and Why Would You Use One? - October 20, 2022
- This Case Demonstrates the Dangers of DIY Estate Planning - October 18, 2022
