6 Common Mistakes Executors of Will Make and How to Avoid Them

Executors Of Will

Executors of will who do not have actual experience or knowledge in the complexity of deceased estate administration would most likely make these mistakes.

1. Not keeping an open communication with beneficiaries.
At the very beginning of probate, it is important that beneficiaries get updates and agree that you are in charge with the estate. You may have some challenges and problems along the way. Be sure that you talk to them regarding each progress and setback that transpires.

2. Not picking up male from home of the deceased.
This is simple but still missed by some executors of a will. As soon as you get appointed as the decedent's personal representative, make a request at the post office that all mails be forwarded to an address you have access to. This is essential as you must not miss out on vital claims and notices from lenders, banks, and creditors. One more good reason is that you don't want the house to be too inviting to thieves. When mails pile up, the bad guys will have an idea that the house is vacant.

3. Not keeping accurate accounting records.
It's best to seek the assistance of a book keeper or a CPA if you are not really knowledgeable and experienced on accounting and balance sheets. All numbers must be correct and precise. Otherwise, the heirs or even a judge might object. If this happens, the process can be delayed. You would most probably spend twice the time it normally requires for the probate process.

4. Waiting too long to begin the probate process.
Waiting too long to start the probate process will cause creditors to become more pushy, taxes to add up, and beneficiaries to go impatient. Losing a loved one is already heart-breaking, and waiting too long will only add emotional stress and demands to the mourning process.

5. Not collecting documents and submitting them in a timely manner.
Drop by your local offices to know the dates certain paperwork should be submitted as they can vary from one region to another. There is nothing more frustrating than getting to the end of the process and finding out that you cannot settle because one document is missing.

6. Relying on an attorney for everything.
You may decide to seek the help of an attorney as your case may be a little complicated. Surely, he can help you with a lot of things, but not in all things. If you depend on him for expertise involving maintaining property, selling real estate, taxes, securing real estate, etc., you are not maximizing the value of the estate and fully using local talents. Seek the help of professionals (financial planners, realtors, and CPA's) who are deeply knowledgeable on these specific things.