The Top Mistakes People Make When Handling Probate Alone

Underestimating How Long Probate Will Take.

Probate can take several months, if not years, to complete. It involves gathering all the necessary information about the deceased person's assets and debts, filing paperwork with the court, paying off any outstanding debts, and distributing the remaining assets to the beneficiaries.

Unfortunately, many people underestimate how long this process can take. This can lead to frustration and disappointment when they realise just how long it can take. It's important to plan for a longer process and be patient throughout the probate process.

Interpret a Will Incorrectly.

A will is a legal document that outlines the wishes of the deceased regarding the distribution of their assets.

Unfortunately, wills can be difficult to interpret, especially if the language is unclear or ambiguous. Executors or beneficiaries may misinterpret the will and distribute assets incorrectly.

This can lead to disputes and delays in the probate process. It's important to consult with probate company to ensure that the will is interpreted correctly and all assets are distributed according to the deceased person's wishes.

Incomplete Assessment of the Estate.

In order to properly distribute assets, it's essential to have a complete and accurate assessment of the estate.

This includes an inventory of all assets and liabilities, as well as a clear understanding of the value of each asset. Unfortunately, many people make the mistake of overlooking certain assets or failing to value them properly.

This can lead to disputes and delays in the probate process. It's important to conduct a thorough assessment of the estate and consult with professionals to ensure that all assets are properly accounted for.

Distributing Funds Too Early.

One of the biggest mistakes people make when handling probate alone is distributing funds too early.

This can happen when the executor of the estate distributes assets before all debts and taxes have been paid.

This can lead to financial penalties and disputes among beneficiaries. It's important to wait until all debts and taxes are paid before distributing assets to ensure that all beneficiaries receive their fair share.

Filing of Probate and Inheritance Tax Form Incorrectly

Probate and inheritance tax forms can be complex and difficult to navigate. Unfortunately, many people make the mistake of filing these forms incorrectly or not at all.

This can lead to financial penalties and delays in the probate process. It's important to consult with an attorney or probate company to ensure that all forms are filed correctly and on time to avoid any legal or financial issues.

Failing to Record Everything

Probate requires a lot of documentation, including financial statements, bills, and receipts. It's important to keep detailed records of all transactions related to the estate, as well as any communications with beneficiaries and creditors.

Failing to record everything can lead to disputes and legal issues down the line, so it's important to be diligent in documenting everything related to the probate process.

Failure to Locate All Beneficiaries

In some cases, beneficiaries may be difficult to locate, or the deceased person may have forgotten to update their will to include new beneficiaries.

Failing to locate all beneficiaries can lead to legal issues down the line, as some beneficiaries may be entitled to assets that were distributed to others. It's important to make a concerted effort to locate all beneficiaries and ensure that they receive their fair share of the estate.

Not Collecting All the Assets.

It's important to identify and collect all assets of the estate, including bank accounts, real estate, and personal property.

Failing to collect all the assets can lead to disputes among beneficiaries and legal issues down the line. It's important to work with a probate company or attorney to ensure that all assets are properly collected and distributed according to the wishes of the deceased.

Not Applying for the Correct Exemptions

There are several exemptions that may apply to the probate process, including exemptions for small estates or estates that pass to a surviving spouse.

Failing to apply for the correct exemptions can lead to unnecessary taxes and fees, which can reduce the amount of the estate that is ultimately distributed to beneficiaries.

It's important to work with a probate company or attorney to ensure that all applicable exemptions are applied for and utilised.

Extra Mistake: Failing to Seek Professional Advice.

The biggest mistake people make when handling probate alone is failing to seek professional advice.

Probate can be a complex and time-consuming process, and it's not something that should be taken lightly.

A probate company can provide expert advice and guidance throughout the entire probate process, including understanding and interpreting the will, assessing the estate, paying off debts and taxes, and distributing assets to beneficiaries.

This can help ensure that the process is completed in a timely and efficient manner and that all beneficiaries receive their fair share. It's important to seek professional advice to avoid any costly mistakes that could lead to disputes or legal issues.

Conclusion

Handling probate alone can be a daunting task, and there are many potential pitfalls to avoid.

By understanding these top mistakes, you can take steps to ensure a smoother probate process.

However, the best way to avoid these mistakes is to seek professional advice from a trusted probate company.

With their expertise and guidance, you can navigate the probate process with confidence and peace of mind.

If you found this article helpful why not check out How Long Does it Take to Get a Grant of Probate? or Obtaining a Sealed Copy of a Grant of Probate