Law is one of the most complex fields of study there are. For this reason most people find legal processes to be daunting. And when it comes to the probate process even the most organized and reliable among us can be overwhelmed with the sudden responsibilities of the probate process and the complexities of the court system. Thus, many of your clients will be prone to making mistakes that could cost them. Therefore, it may help you to know some of the most common mistakes executors and administrators make when facing the probate process.
- Waiting too long: It often takes months to resolve all the issues involved in an estate. For that reason alone the faster an executor or administrator begins the process the better. Moreover, waiting too long can cause problems to develop such as the accumulation of taxes and creditors and beneficiaries growing impatient and becoming more demanding.
- Failing to keep accurate records: Keeping accurate records is an extremely important part of being an executor or administrator. Yet, many executors fail to keep these records. Such records include estate appraisals, tax forms, and expense vouchers. Ultimately, by failing to keep accurate records executors and administrators can end up delaying the final disposition of the estate.
- Not maintaining the property: Another important but often overlooked part of an administrator or executor’s job is to maintain the property for which they are responsible. This is critical to the probate process since the state the property is in will directly influence whether it is to be sold or passed down to a beneficiary.
- Failing to hire an estate planning attorney: It is a huge mistake to not retain the services of an experienced estate planning attorney. For choosing an inexperienced estate planning attorney or an attorney who does not even specialize in this area of the law can increase an executor or administrator’s expenses considerable and cause errors to occur in the probate process.
- Ignoring the beneficiaries: Beneficiaries don’t often just go away. In fact, a beneficiary has the right to challenge an executor or administrator if he/she does not keep the beneficiary informed about what is happening.
These are just a few mistakes that executors and administrators can make during the probate process. There are others such as calculating estate taxes incorrectly, distributing assets too soon, failing to prepare an accurate inventory of assets, etc. Our course on probate real estate investing will teach you all you need to know to help guide patients towards an outcome that will benefit both of you. That, coupled with our real estate leads for sale, will give your business greater value and larger profits.