How a Personal Representative for an Estate, or an Estate and Trust Attorney, Can Make Use of an Asset Search when Probating an Estate.
A Personal Representative’s or an Estate and Trust attorney’s responsibility is to guide the family through legal and tax matters that are necessary after the death of a loved one and gather all assets and determine outstanding liabilities. Beneficiaries may also be skeptical of the personal representative regarding what assets have been or should have been identified.
Usually, an attorney guides the personal representative through the probate process. Depending on whether the probate process is required, there are various tasks that must be completed following a person’s death. To ensure property passes to the intended heirs, and any necessary taxes and liabilities are paid, an asset search is usually the first step.
On occasion there may be a situation where there is some discrepancy as to what the full extent of the assets are that the deceased owned at the time of death. There may also be some distrust among surviving family members. In these situations, an asset search on the decedent and/or applicable trust, could be an effective tool that would provide a more complete picture.
For example, let’s say someone dies without a will, but they are a successful business owner, and have many companies or business interests. They also had vacant land, vacation homes and commercial property through corporate entities. An asset search can help paint a clearer picture of what those assets are, how title is held and provide further information as to what you are dealing with by providing a road map to assist you with the identification of all assets and all liabilities.
For more information on conducting an asset search please call us at 1(800)290-1012 ext. 111 or visit our site at www.assetsearchesplus.com . You can also download our free eBook on conducting an asset search by clicking http://www.assetsearchesplus.com/download-our-free-ebook/
Image provided by: Pix4Free.org