What Special Legal Issues Do You Face with a Large Estate?
Cincinnati probate attorneys provide assistance to individuals going through the probate process to facilitate the transfer of assets after a loved one has passed away. When a deceased person (decedent) dies, the process of probating the estate can always be complicated; however, if the decedent had a substantial amount of assets and the estate was a large one, this can complicate the probate process even further.
The attorneys at the Cincinnati office of Zimmer Law Firm can provide help to those whose loved ones have died and left behind a substantial inheritance for heirs or beneficiaries. If you are going through the probate process, our probate attorneys can assist you in understanding and addressing the special issues that exist as a result of the fact that the estate is a large one. Some of the key issues that you could face during the process of probating a larger estate include the following.
Estate Tax Could be Owed
When taxable estate assets exceed $5.6. million as of 2018, estate tax could be owed on the value of transferred wealth. Estate tax must be paid by the estate. It is the job of the executor of an estate to take the necessary steps to ensure full compliance with tax laws, including filing the appropriate forms with the IRS. The process of filing tax reforms and determining the taxable value of the estate can be highly technical and difficult so having an experienced attorney is important to offer assistance.
Managing Assets Could be a Challenge
The executor of an estate has an obligation to manage estate assets during the probate process. If the estate is a very large one, this could become very complicated for the executor. The executor has a fiduciary duty, which is the highest duty owed under the law, so anyone who is named as the executor of an estate in a last will and testament needs to make sure they are willing to take on this responsibility before they allow the court to officially appoint them as an executor. Once named as the executor of an estate by the court, the executor should get whatever assistance is necessary from legal professionals to comply with his or her obligations in managing estate assets and facilitating the transfer of wealth to new owners.
Probate May Need to Take Place in Multiple Locations
If a deceased person owned property in multiple different locations, it is possible that probate proceedings would need to take place in each of those locales. This is because the court in the county where the property is owned has jurisdiction over the probate process. Multiple probate proceedings can be costly, complicated, and time-consuming.
The Chances of a Will Contest Could Increase
If an estate is a large one, this increases the chances that someone who potentially has a claim to inherit will contest a will. While a will can always be contested in any size estate, when an estate is a very large one, potential heirs or beneficiaries may decide it is worth the expense and risk to try to get a larger piece of the pie after someone has passed away. There will still need to be grounds to successfully contest a will, like evidence the deceased acted under duress or was influenced by fraud when he made his estate plan; however, even if a will contest is not successful, dealing with a will being contested adds time, cost, and complexity to the probate process.
Getting Help from Cincinnati Probate Attorneys
Cincinnati probate attorneys at Zimmer Law Firm will do everything possible to try to make sure that the probate process goes as smoothly as possible under the circumstances, no matter the size of the estate. Our legal team can provide representation to anyone who has been named as the executor of an estate. We can also represent potential heirs or beneficiaries as well as individuals who believe they have grounds to contest a will. Whatever your situation, we will protect your rights during the probate process and will work to ensure that your right to inherit is protected.
To find out more about the ways in which our firm can help you with probate proceedings, join us for a free seminar. You can also give us a call at 513.721.1513 at any time for personalized help with the probate process.