6 Common Mistakes to Avoid During a Probate
Administering a probate case and arranging a probate listing is a complex process. Since individuals remain in a completely emotionally charged situation, committing mistakes is inevitable. However, even a minor mistake from your end can cause unnecessary delays in your probate case, increasing the challenges and complications. If you are in charge of handling a probate, give this write-up a thorough read. Here, we will talk about all the common mistakes executors unintentionally commit during a probate and how to skilfully avoid them. So, let’s dive deep into the topic!
Most Common Probate Mistakes and Tips to Avoid Them
Needless to mention, the process of real estate probate settlement is time-consuming and intricate, especially when more than one party is involved in the case. In such a situation, committing the following mistakes is pretty common. Take a look at them and strive your best to avoid them at any cost.
Making Delays in Opening the Probate Real Estate
When you play the role of the executor of the real estate probate and are in charge of handling the probate listing, you are responsible for opening the real estate within a certain time frame after the death of the property owner. In case you make delays in opening the real estate, the taxes and bills will pile. Moreover, the creditors might also get impatient and create hindrances in the case. In short, waiting too long can make the probate process even more stressful, creating a distressing condition for the beneficiary.
Not Informing the Beneficiaries on Time
Being the personal representative or executor of a probate process, you are liable to notify the beneficiaries and keep them updated regarding the various stages of probate listing. However, most executors tend to make the mistake of not informing the heirs and opening the probate estate without having a word with them.
That means they will know about the whole news only when the court sends them a notice. This, in turn, can lead to a gap in communications and mistrust among the beneficiaries, and they might file a petition against you. To avoid such complications, always stay transparent to the beneficiaries about the probate process.
Failing to Secure the Probate Assets
The foremost duty of a personal representative of the probate assets is to protect the probate assets against trespassers, break-ins, mortgages, and insurance. Unless you pay attention to securing the real estate, you might not be able to find buyers and crack great deals. Well, taking care of the probate property becomes more hectic when you stay far away from the estate.
To ease the job and ensure that the probate property remains in good shape, make sure to partner with a reliable relator. Apart from securing the property, you must focus on closing all the credit cards of the descendant and controlling his/her financial accounts and the estate’s cash.
Not Able to Determine the Proper Value of the Estate
A common yet vital mistake made on the part of the executor while arranging the probate listing is failing to appraise the value of the estate properly. In case the probate estate is the personal property of the descendant, you will need to have a certified appraisal to determine the value of the property.
While determining the value, you need to consider the furnishings of the household, and even the vehicles of the descendant (if there is any). When the appraiser is deciding on the value of the estate, make sure he/she considers the state tax assessments, potential tax liabilities of the estate, etc., to dodge the need to pay unnecessarily high taxes.
Preparing Inaccurate Inventory of the Probate Assets
When the descendant owns the assets, like property, vehicles, bank accounts, etc. in his/her name solely, undertaking a probate process is the only legal way to transfer those assets. However, most often the executors fail to report the assets accurately in the probate inventory. The sole purpose of preparing the inventory is to inform the courts about all the assets owned by the descendant till the date of his/her demise along with the value of the property.
Distribution of the Probate Assets before the Due Date
Distributing the probate assets among the beneficiaries before the court permits is against the laws and in fact, strictly prohibited. Unknowingly, a lot of executors make the common mistake of distributing them prematurely. This can indulge you in severe complications as there can be creditors for whom you need to pay their dues. In fact, you might be liable for clearing all the debts of the descendant. So, always wait for the court’s order before making any move.
Wrapping Up
Managing a probate listing can be challenging, but if you make sure to follow the probate laws rightfully and refrain from committing the above-listed mistakes, you can ensure the successful execution of the probate process. In case you have faced hardships in administering the case singlehandedly, always consider seeking help from the foreclosure experts.
