Description
If you have been named an executor of an estate plan and about to enter a probate process, avoid these common probate mistakes:
Failure to maintain the estate
One of the most important responsibility of an executioner of an estate is keeping and maintaining the original estate. Failure to keep the estate property owned by the decedent during the probate process could make the will revoke and invalid. As the executor or administrator, you could be held liable should the property fall into despair or gets damaged.
Waiting too long to commence probate process
Implementation of a Will commences once the will maker dies. Obviously, the probate process shouldn’t start just days after losing a loved one, however, waiting too long may prove a costly mistake. Most state have very specific time in which estate administration process should begin. Asides considering the time and stress which the beneficiary of the decedent estate would be subjected too, probate should begin at the appropriate time to avoid incurring additional taxes or penalty cost due to procrastination.
Inaccurate records of estate plans
As an executor or a probate lawyer, you need to be sure that estate plans of the decedent are accurate. Hence, a smooth probate process can be guaranteed. Estate plan document are meant to reflect the right details and assets of the decedent. Once a detail is documented inaccurately, and one or more party decides to contest the will, the probate process would be longer than usual. This mistakes should be avoided by estate lawyer as well as executioner of the estate.
Failure to maintain the estate
One of the most important responsibility of an executioner of an estate is keeping and maintaining the original estate. Failure to keep the estate property owned by the decedent during the probate process could make the will revoke and invalid. As the executor or administrator, you could be held liable should the property fall into despair or gets damaged.
Waiting too long to commence probate process
Implementation of a Will commences once the will maker dies. Obviously, the probate process shouldn’t start just days after losing a loved one, however, waiting too long may prove a costly mistake. Most state have very specific time in which estate administration process should begin. Asides considering the time and stress which the beneficiary of the decedent estate would be subjected too, probate should begin at the appropriate time to avoid incurring additional taxes or penalty cost due to procrastination.
Inaccurate records of estate plans
As an executor or a probate lawyer, you need to be sure that estate plans of the decedent are accurate. Hence, a smooth probate process can be guaranteed. Estate plan document are meant to reflect the right details and assets of the decedent. Once a detail is documented inaccurately, and one or more party decides to contest the will, the probate process would be longer than usual. This mistakes should be avoided by estate lawyer as well as executioner of the estate.
