Common Mistakes In Estate Administration

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. Having no outcome in mind

Setting a goal in estate administration provides clarity and focus in the whole probate process. 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 goal you set, you need to make sure that everyone agrees to it to get their full support. This is also important to have their full confidence in your decisions as the executor/administrator of the will.

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

Having a better understanding of the probate process is crucial in fulfilling your responsibilities. Then, once you’re informed, you may need to seek some advice from a probate lawyer. Afterwards, you need to determine if you want to go through the process “pro per”, which means you will represent the estate on your own and without the assistance of a lawyer.

3. Letting your lawyer handle everything

Aside from your lawyer, you might want to consider hiring financial planners, local realtors and trust administration firms to assist you in managing the estate. They are experts in their respective fields and can give you specialized knowledge and services that your attorney may not be able to provide. Such services will surely be beneficial in the short run even in longer terms.

4. Waiting too long to market real estate

You can go on finding offers on the properties, the moment you’ve been approved to be the executor of the estate. You can get advice from a realtor that understands probate, solicit offers or even put the property in escrow.

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

Being assigned as the executor/administrator, you would probably need a realtor, attorney, tax advisers, estate and financial planning services. And you might find yourself surrounded by friends who would want to help you out. For example, your friend who happens to be an attorney and specializes in business litigation 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. Not keeping correct accounting records

If you are not familiar with accounting and balancing sheets, it is best to hire a professional book keeper or accountant. You need to keep in mind 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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