A probate attorney helps families to go through the probate process. There are many different factors that affect both the costs of probate and the time that the probate process takes. One of the most important of those factors is the level of difficulty the executor of an estate has with find the assets that should be a part of the probate estate. Unfortunately, if estate assets are difficult to find, the probate process takes much longer. And, in some cases, assets are never discovered at all, leaving an inheritance smaller than it should be.
Biddinger & Bitzer can provide help during the estate planning process to make sure you have a plan in place so your loved ones are able to access all of your accounts and find all of your other properties and assets that should be passed on to heirs or beneficiaries.
We can also provide you assistance to families who are going through the probate process and who are having a difficulty time finding the assets that a loved one has left behind. You should give us a call today to discover more about how a probate attorney can help you to ensure your deceased loved one’s full estate is probated or to discover more about how our firm can assist with the estate planning process.
Why Your Family Needs to Know Where Your Assets Are
There are a few key reasons why it is vital for your loved ones to know exactly where your assets are during the probate process:
- Your family could miss out on assets if they don’t know the wealth exists or where to find it. ABC News reported on one family who found more than $15,000 in unclaimed funds that their deceased relative had lost track of late in her life. There have also been examples of families being unaware of or unable to find jewelry, valuable heirlooms, or even real estate investments when the titles and deeds were missing and the family was unclear on where the property was located.
- Your family could be forced to spend a fortune tracking down assets. If your loved ones know that you own assets but are not sure where to find the money and property you own, your loved ones may be forced to invest in professionals like forensic accountants or even private investigators to try to track down all of your wealth after you have passed on. This could come at a substantial cost, significantly reducing the value of an inheritance.
- Assets cannot be managed if they cannot be found: If you have assets that need management, the executor of an estate should be responsible for taking care of your wealth after you pass away until the assets transfer onto the new owners. If the executor of an estate doesn’t know where assets are, then it is difficult for that money or property to be managed and kept safe. Substantial loss could occur during the time when the assets were undiscovered or weren’t locatable.
There are a number of ways to create an estate plan to make sure your loved ones know exactly where your wealth is so the probate process can move smoothly. There are also ways to try to find missing assets during the probate process. Biddinger & Bitzer can help you to make your plans so no problems arise during probate, and we can also help if your loved one has passed on and you are concerned about missing assets.
Getting Help from a Probate Attorney
A probate attorney can provide you with invaluable assistance in tackling the difficult tasks that can arise during the probate process, such as missing assets. We can help with any probate situation and will work to ensure that the probate process goes as smoothly as it can no matter what your circumstances. We can also provide assistance during the estate planning process so your family does not have to struggle during probate.
BBPR serves residents of counties from St. Clair to Presque Isle along Michigan’s eastern shoreline, including the Thumb and northeast coast. If you or your loved ones need help with estate planning or with the probate process in or around Michigan’s shoreline communities, give us a call at (989) 872-5601 or contact us online today.