After losing a loved one, sometimes the question is, “Do I need to hire an attorney?” But maybe a better question to ask is, “Should I?” How would you benefit, as an executor or trustee, by hiring an attorney? How would your family benefit? Here are some reasons to hire an attorney to assist with the legal and financial details after a loved one’s passing.
1. To get your thoughts together. Sometimes just getting started is overwhelming. Maybe one meeting with the attorney will help set you off in the right direction.
2. You need legal help. Sometimes there needs to be court action through probate or addressing a legal dispute. In these cases, you do need an attorney, unless you want to wade into the legal system on your own.
3. To reduce your stress. When someone passes, there is business to take care of. I just mean personal business, the kind we all deal with in our lives. Paying bills, getting income, investing money, filing tax returns, etc. Some of these you could take care of on your own. But sometimes you may want to delegate them. At Edwards Group, we deal everyday with banks, investments, life insurance companies, and real estate questions. We know how to maneuver through all the asset transfers. We understand what those companies need, how their forms need to be filled out, how to get past a difficult customer service representative. Maybe you want to delegate some of that to us.
4. To get the job done right. Many people own annuities and IRA’s. Those are potential potholes for the family. Many times we have seen a family try to handle an estate on their own, only to pay tens of thousands of dollars in extra income tax that could have been avoided or delayed with some good legal advice. That’s just one example. In many families, the attorney’s fee will pay for itself in avoided legal, financial, or tax mess ups that could haunt you later. In addition, if you are the executor or trustee and you mess up something, the liability could come back on you later to repay the lost funds.
5. To reduce conflict. Even the closest families will have a potential for conflict after losing a loved one. The grieving combined with the stress in an unknown situation often results in siblings butting heads. In those cases, an attorney who can help guide the process and talk straight to a family member with unreasonable expectations is a big help.
If you have lost a loved one, please contact our Client Coordinator at 217-726-9200 or at Tarina@EdwardsGroupLLC.com to discuss your situation and see how we can help your family.
To read more about what to do after the death of a loved one, click here.