The loss of a loved one is an emotional and challenging time in everyone's life. Besides dealing with the grief and mourning, next of kin often have to deal with the legal and financial aspects of the estate. An estate must be liquidated if an heir accepts the estate beneficently. This is the main rule. If an executor has been appointed in a will to whom the power to pay due debts and legacies has been granted, no liquidation needs to take place. In specific cases, the court may also grant exemption from liquidation, but in any case, it must then be clear that there is a positive balance of the estate. Moreover, the presence of a will does not always make things easier. The process of dividing a deceased's assets and debts can be a complex affair, especially if disputes arise between heirs, or if there is a business or real estate included in the estate. Want to know more? Read the full post here.
In principle, the heirs collectively are responsible for settling the estate. However, there is also the possibility of having the court appoint a liquidator. Especially in situations where a company is involved, but also in situations where a lot needs to be arranged and the heirs are insufficiently aware of what exactly needs to be done when liquidating the estate, engaging a specialised inheritance lawyer as a professional liquidator in the estate can offer many advantages.
Expertise in inheritance law
Inheritance law is a complex and specialised area of law that contains the rules and regulations governing the transfer of assets and debts after the death of a person. A specialised inheritance law lawyer has extensive knowledge of these regulations and understands the various legal issues that can arise when settling an estate. By engaging an expert, heirs can be assured that the process will be handled correctly and that their rights will be protected.
One of the most common problems in estate settlement is the emergence of disputes between heirs. These disputes can arise due to the absence of a will, unclear wills, alleged wrongful influence, or disagreements over the distribution of assets. A specialised inheritance lawyer as a professional liquidator can play a neutral and objective role in resolving these disputes. In addition, where necessary, the lawyer can mediate and provide legal advice, helping to reduce conflicts and promote a smooth settlement of the estate. In any case, once appointed by the court, the professional liquidator is obliged and authorised to administer the estate and prepare it for division.
The process of estate settlement can be lengthy and complicated, especially when complex legal issues are involved. A specialised inheritance lawyer as a professional liquidator is experienced in handling similar cases and can make the process more efficient. This saves time and stress for the heirs, allowing them to focus on coping with their loss and dealing with other personal issues.
Protection of interests
A liquidator has a duty to keep the interests of all parties involved in mind. In particular, this includes the interests of the creditors, but also the interests of the heirs. By engaging a lawyer, heirs can be assured that the process is conducted fairly and equitably and that conflicts of interest are avoided.
Minimising tax consequences
In estate settlements, there may also be tax consequences, such as inheritance tax and income tax on inheritances received. A specialised inheritance lawyer is familiar with the tax aspects of estates and - with or without the support of a specialised tax expert - can recommend strategies to minimise the tax burden. This can help heirs keep as much of their inheritance as possible.
In short, engaging a specialised inheritance lawyer as a professional liquidator offers numerous advantages when settling an estate. The expertise, conflict mediation, efficiency, interest protection and the knowledge to engage a specialised tax expert in a timely manner can ensure that the process runs as smoothly as possible and that the rights of all involved are respected. When dealing with the loss of a loved one, the support of a professional liquidator can be invaluable. Do you have any questions or would like advice? Then contact specialised inheritance law lawyer mr Angelique van den Eshoff of SPEE lawyers & mediation.