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6 Common Mistakes Executors of Will Make During Probate

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. 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. Another good reason is to keep the house from being to inviting to burglars. When it is very obvious that mails pile up, it’s a definite sign that the home 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. Otherwise, you might receive objection from the inheritors or even a judge. This may significantly delay the process. 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 begin the probate process will make heirs be impatient, creditors be more pushy, and taxes add up. Losing a loved one is already devastating, and waiting too long will just add 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. There’s nothing more annoying than reaching the end of the process and learning that you can’t settle because a single document is missing.

6. Relying on an attorney for everything.
You might choose to get the assistance on an attorney as your case might be a bit complex. Certainly, he can help you with many things, but not in all things. If you depend on your attorney for expertise involving selling real estate, securing real estate, taxes, and maintaining property, you are not fully utilizing local talents and maximizing the value of the estate. Look for professionals (local realtors, CPA’s, or financial planners) who are truly knowledgeable on these specific things.

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