Acting as the executor of a loved one’s estate can be a daunting task-both emotionally and logistically. For starters, if a loved one had a large estate that needed to be distributed, it would be your job to go through every single item of the deceased’s estate to ensure that it was accounted for-a time consuming and meticulous task.
Emotionally speaking, acting as the executor of an estate can put you in an awkward position with your family members. Even though you would only be acting on behalf of the deceased, all of the beneficiaries (and even non-beneficiaries) would view you as the bad guy should they not like what they did and did not receive. Because of this, many Oklahoma residents often find it beneficial to hire an Oklahoma City probate attorney to assist them with the probate process, or even to take over entirely.
Reasons to Hire a Probate Attorney
At Jim A. Lyon Law Firm, our probate attorney has dealt with the execution of many estates, and is equipped to help you should you find that you need assistance in executing your loved one’s estate.
When a client turns to us, it is typically for one of the following reasons:
- There is discord among family members. One of the most common reasons that individuals choose to hire an Oklahoma City probate attorney is when one or more family members become upset by their inheritance. When an individual believes that they were not given their fair share of an estate – or when they believe that a will was tampered with in some way – they may choose tocontest the will.When a will is contested, it causes a prolonged and expensive battle, one that is best handled by a probate lawyer. (For more on who can challenge a will and for what reasons in Oklahoma, review Oklahoma Code, Title 58 – Probate Procedure.)
- The estate does not have enough money to pay off its debts. When an estate has enough money to pay off its debts, there is generally no need to hire a professional to help with the payment process.However, when an estate does not have enough money or assets to satisfy outstanding debts, several crucial decisions will need to be made, such as which debts to pay first, and with what money or assets to pay with. It would be in your best interest – if you are dealing with an estate that is in significant debt – to consult with a probate attorney to discuss payment options.
- The estate contains a business. When a business is part of an estate, it makes the distribution of the estate much more complicated, as a business needs to be valued and then transferred or sold. Most individuals do not know how to value a business; if you are one of these individuals, trying to value the business on your own could result in an undervaluation or even overvaluation, which could significantly alter the way the estate is executed.
Consult an Oklahoma City Probate Attorney
At Jim A. Lyon Law Firm, we understand that many individuals choose to save money by executing a deceased loved one’s estate by themselves. However, acting as the executor of an estate is a time consuming, complicated task-one that individuals without experience tend to become quickly overwhelmed by. Not to mention, even one wrong mistake in the execution can cost thousands of dollars in attorney’s fees and court fees to correct. If the estate is a large one, and if you do not feel 100 percent comfortable carrying out the task on your own, it would be in your best interest to hire an Oklahoma City probate attorney to assist with the execution. If you have recently suffered the loss of a loved one, and if they have a large estate that needs to be distributed, contact our Oklahoma City probate law firm at 405-843-0461 to schedule an initial consultation with our lawyer today.