When grieving the loss of a loved one, the last thing you need is to grapple with a drawn-out estate administration process. An administrator is the person in charge of an estate when someone dies without a will. The executor is the person named in a will to carry out its terms. To make the probate process as quick and straightforward as possible, rely on a skilled will lawyer to gain a head start. Here are five tips to follow.

A Guide to Fast-Tracking Probate

1. Hire a Skilled Will Lawyer

Due to the high cost of mistakes in estate administration, courts won’t allow probate proceedings to conclude unless they’re convinced all legal requirements have been satisfied. If an estate has out-of-state assets or liabilities subject to different laws, probate can be particularly trying for the inexperienced. Hiring a lawyer to help you navigate probate is a crucial part of ensuring a speedy outcome.

2. Inventory Assets

An administrator must file an asset inventory with the court to ensure that all of the deceased’s property, accounts, and other assets are properly accounted for. This can turn into a lengthy and expensive process if an administrator is forced to spend substantial time investigating finances. As such, the more detailed records a family can provide to the estate’s administrator or executor, the quicker they can provide the court with a proper accounting. 

3. Identify Creditors

Another purpose of the probate process is to ensure that all of an estate’s debts are paid off prior to asset distribution. Providing the court with records of the deceased’s creditors ensures all assets of the estate are promptly distributed after debts are settled.

4. File an Estate Tax Return

Depending on the size of an estate, it may be necessary to file an estate tax return with the Internal Revenue Service (IRS) and possibly an estate or inheritance tax return at the state level as well. Assuming IRS Form 706 is filled out correctly, it generally takes about six months for a return to be approved. The sooner you file it, the sooner this probate requirement can be satisfied.

5. Disclose Unusual Assets

Occasionally, an estate may have unique assets of material value, such as a rare baseball card collection or intellectual property. As these assets are often difficult to uncover, disclose them to your will lawyer early to avoid a potential dispute among beneficiaries as to who is entitled to inherit them.

If you’re responsible for the administration of an estate, contact Larry Cook, Attorney at Law, a full-service law firm whose attorneys have been serving Cabot and central Arkansas for more than 30 years. Call (501)-843-6591 to schedule a consultation, or visit their website to learn more about their services.