6 Common Mistakes Executors of Will Make During Probate
Tuesday, July 16, 2013
Executors of will who have not been trained or educated in the complexity of deceased estate administration would most probably commit these mistakes during the probate process.
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. During the process, you may have certain setbacks. 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 will executors. As soon as you get appointed as the personal representative of the deceased, ask the person in charge at the post office to forward all mails to an address you have access to. This is vital as you shouldn't miss out on important claims and notices from creditors, banks, and lenders. Another good reason is that you do not want the house to be too inviting to burglars. When mails pile up, the bad guys will have an idea that the house is vacant.
3. Not keeping accurate accounting records.
If you are not adequately experienced and knowledgeable on balance sheets and accounting, it's best to seek the help of a CPA or a book keeper. All figures must be correct. If not, you can receive objection from the beneficiaries or even a judge. The process will be delayed if this happens. You would most likely spend twice the time it usually takes 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 emotionally tiring, and waiting too long will only add stress, pressure, 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. Nothing is more frustrating than reaching the end of the process and finding out that you can't settle because one paperwork 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. Certainly, he can help you with many 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.
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1:24 PM
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