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When someone passes away, their estate often goes through the probate process, during which an executor is responsible for managing and distributing the deceased person’s assets according to their will. Serving as an executor can be an overwhelming responsibility, especially for those without legal experience. While it may be tempting to handle probate on your own, many executors make critical mistakes without the guidance of a probate lawyer. Here are some of the most common errors and why having a probate lawyer can help avoid them.
1. Failing To Understand The Probate Process
Probate is a legal process that can be complex, involving court filings, notifications to heirs and creditors, and the proper distribution of assets. Executors without a thorough understanding of probate laws often fail to follow the correct procedures, which can lead to delays or even legal challenges. For example, missing a required filing deadline or failing to notify creditors properly could result in personal liability for the executor. A probate lawyer ensures that all legal requirements are met and that the process moves forward smoothly.
2. Not Properly Valuing And Inventorying The Estate
One of the executor’s primary responsibilities is to inventory and value the deceased’s assets. This includes real estate, personal property, bank accounts, investments, and any other assets the deceased owned. Executors without a probate lawyer might underestimate the value of the estate, overlook certain assets, or fail to include items in the inventory. These mistakes can lead to disputes among beneficiaries or challenges from creditors. A probate lawyer can help accurately assess and value all assets to ensure the estate is properly managed and distributed.
3. Mismanaging Estate Finances
Handling the financial aspects of an estate is one of the most challenging parts of being an executor. Executors must ensure that all debts, taxes, and expenses of the estate are paid before distributing assets to beneficiaries. Without a lawyer, executors often struggle to manage estate finances properly, such as paying bills out of their own funds, distributing assets prematurely, or failing to file tax returns. In some cases, executors who mismanage estate funds can be held personally liable for any losses. A probate lawyer can provide expert financial guidance to help executors navigate these challenges and avoid costly mistakes.
4. Overlooking Taxes
Tax issues are a significant part of probate, and executors who are not familiar with tax law may overlook important obligations. Estates may owe federal or state taxes, including estate taxes, income taxes, or property taxes. Executors who fail to properly handle tax filings or payments can face penalties, interest, and other financial consequences. Probate lawyers from W.B. Moore Law are well-versed in tax law and can ensure that all tax obligations are met, helping executors avoid fines and complications.
Conclusion
Serving as an executor is a complex and often stressful role, especially without legal guidance. Common mistakes such as mismanaging estate finances, overlooking taxes, or failing to follow proper procedures can delay the probate process, increase costs, and even result in personal liability. Hiring a probate lawyer ensures that the executor avoids these pitfalls, simplifies the probate process, and provides peace of mind that the estate is being handled correctly.
