Common Mistakes In Estate Administration That You Should Avoid

Estate Administration Services

Being assigned as the executor/administrator of a will, can be a strenuous task. Any mistake could be costly. So, without further ado, here are some of the common mistakes in estate administration.

1. Not having any outcome in mind

Having a goal in estate administration provides clarity and focus in the whole probate proceedings. Although the process can be overwhelming, it doesn’t necessarily need to be stressful if you keep on reminding yourself of your commitment to achieve the goal. Whatever the goal is, you need to get the approval of everyone concerned in order to gain their support and trust. This is also necessary to have their full confidence in you as the executor/administrator of the will.

2. Failure to educate yourself about the probate process and the need to hire a lawyer

Learning the entire probate process is necessary to achieve positive results. Once you’re informed, it is beneficial to talk to probate attorney about your situation. Afterwards, you need to determine if you want to go through the process “pro per”, meaning you will represent the estate without the assistance of a lawyer.

3. Relying on your lawyer for everything

In addition to a lawyer, you might want to consider hiring financial planners, local realtors and trust administration firms to help you manage the estate. They are experts in their respective fields and can offer you specialized knowledge and services that your attorney may not be able to provide. Such services will surely pay off in the short run as well as in longer terms.

4. Waiting too long to market real estate

You can begin looking for offers on the properties, once you’ve been approved to be the executor of the estate. You can get advice from a realtor that knows probate, solicit offers or even go into escrow.

5. Choosing friends or relatives over qualified professionals to to carry out certain tasks

Being the executor of the will, you would probably need a realtor, attorney, tax advisers, estate and financial planning services. And the next thing you know is you’re surrounded by friends who would want to help you out. For example, your attorney friend who specializes in family law might offer to help you out with the probate proceedings. You need to be really cautious on these situations and make sure that you hire the right professionals who can get the job done almost flawlessly.

6. Having poor accounting records

If you’re not keen in accounting and balancing sheets, you might want to consider hiring someone who is. Remember that when settling the estate, everything should be well accounted for. Otherwise, you might get yourself questioned by the beneficiaries or even a judge|Otherwise, you might end up being scrutinized by the beneficiaries or by the court|You might find yourself being scrutinized by the heirs or by the court}. Typically, the probate process only takes a couple of months to a year but if the financial records are not kept properly, it would properly take up to 24 months or more to complete the entire process.

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