Why You Should Seek Help Probating a Large Estate
Large estates pose unique challenges for those who have been named in the will as executor. The executor’s role is to wind down the affairs of the estate, from evaluating business interests and paying taxes to managing investments and satisfying debts. When an estate is large or complicated, these tasks can take years to complete and often require special skills or knowledge.
One issue that generally only comes into play with larger estates is the estate tax. The federal estate tax exemption for 2016 is $5,450,000. This means that any estate with assets valued over this amount may need to pay a federal estate tax. There is no state estate tax in Florida. A probate attorney or tax professional can help you understand the tax ramifications of the will and your choices in executing that will.
Large estates also run into issues of valuation. In order to determine the size of the estate or to divide it, you must know how much each asset is worth. Consider vehicles. If an estate only contains a minivan, getting an appraisal is easy. However, the estate of a car collector could contain dozens of rare automobiles whose value depends on market conditions, choice of auction-house and other variables. Other assets, such as artwork, can also be complicated to place a price on. In these situations, it may make sense to turn to an experienced probate professional for help.
Estates with larger assets may be targets for litigation. An estranged family member may challenge the will’s validity if that person is not included. Creditors or supposed creditors of all types can crawl out of the woodwork, each seeking their own share of the pie. In these cases, a Florida probate attorney can help you protect the estate.
Probate can be a challenge to anyone who attempts to handle the whole process on their own. An experienced Florida probate attorney at the Charles Law Offices can assist you.