So, you've just been named the executor or administrator of an estate.
A lot of questions and concerns are likely going through your mind right
now: when do I have to start acting on my responsibilities? What if I
forget to carry one out? Who can I trust to help me navigate this process?
Even the most trusted and reliable individuals can find themselves overwhelmed
with the sudden responsibilities of the
probate process—and many of them are simultaneously dealing with their grief, as
well. Let's take a look at five of the most common mistakes executors
and administrators make when facing the probate process.
Waiting too long
While no one expects an executor or administrator to resolve an entire
estate in record time (it often takes months), starting the process promptly
is to everyone's advantage. The longer one waits to start probate,
the more taxes accumulate and more impatient beneficiaries and creditors
can become (and the chances of a conflict grow).
Failing to Keep Accurate Records
As executor or administrator, accuracy in all your dealings is paramount.
Too many executors and administrators fail to keep vigilant records of
their dealings when it comes to estate appraisals, paying taxes and creditors,
and tracking their own expenses. Ultimately, all these undocumented transactions
add up and can affect or delay the final resolution of the estate.
Maintaining the Real Estate
Suddenly becoming responsible for another piece of property is a big responsibility
and despite many executors' good intentions, many buildings and residences
fall into disrepair during the probate process. Making sure a property
is maintained and secure is critical during probate—whether it's
to be sold or passed down to a beneficiary.
Not Communicating with Beneficiaries
It's normal for bereaved beneficiaries to be anxious to receive what
their deceased loved one has passed down to them. That is why it is important
to stay engaged with the beneficiaries and continue to update them on
where you are in the probate process. As long as they know the wheels
are turning, the chances for a conflict are greatly reduced.
Failing to Retain Proven Compensation
Probate is a complicated and draining process, but it can be made exponentially
easier with proven counsel on your side. Not only can a dedicated Rancho
Cucamonga probate attorney navigate you through this entire process, but
also help avoid the above mistakes, and others, on your journey to resolve
your loved one's estate.
Looking for a trusted partner during this difficult process? The experienced
and compassionate team at
Atlantis Law is ready to hear from you. Fill out our online form to request a
free case evaluation.