Creating a will and a complete estate plan is vital for people of all ages. Too many people still pass away without a will to their name, leaving their family members to fight about assets and even have the state take control of the estate left behind. You not only protect yourself, but also your loved ones and your assets.
When you create a will, you need to name an executor. It may be in your best interest to name a lawyer as the executor of your will.
Probate is completed quicker with an attorney
The probate process will be completed much quicker when you have an attorney serve as the executor of your will and estate. If the executor of your estate is not an attorney, the forms could be completed incorrectly. This could cause probate to drag on for years before it is resolved. The longer probate goes on, the longer your family goes without receiving its inheritance and the number of court appearances will increase.
Reduce the chances of a dispute
When a lawyer is named as the executor of your estate, he or she will be able to reduce the chances of a dispute arising. Sadly, when a person dies, there are times when heirs will feud over which assets they are set to receive. An attorney handled probate for your estate can help avoid all of the following issues:
- Expensive and lengthy litigation
- Involvement of creditors
- Supervised administration
- Disputes at every turn
If you decide to name someone who is not a lawyer as the executor of your estate, it’s still a smart move to hire an attorney to help the executor when the time comes. Why? It’s possible that if the executor makes a mistake in distributing assets, paying creditors, generating reports or filing tax returns; the executor could wind up being held liable for those mistakes. An attorney can help mitigate these issues and ensure that the executor is handling probate correctly.
Minimize the stress of the family
Your family will already be in mourning because of your passing. You don’t need to leave them with the additional stress of trying to sift through your final wishes or distributing your assets. When you hire an attorney to be the executor of your estate you can minimize the stress associated with the death of a loved one and what comes in the days, weeks, and months following. Even if the attorney was not named as the executor, he or she can put themselves between the executor and the rest of the family to help mitigate any problems that might arise.
Have you created a will yet? Does your will need to be updated? If so, it’s in your best interest to speak with an experienced Chattanooga probate attorney as soon as possible about your situation. Call the office of Wagner & Wagner Attorneys at Law at 423-799-3532 or complete a contact form to schedule a consultation. We proudly serve clients in Chattanooga, Cleveland, and throughout Tennessee.