The probate process in Dunbar can be complicated and overwhelming, especially if you’re going through it for the first time. To make things easier, we’ve compiled a list of the top five mistakes to avoid while going through probate. By following these tips, you can help ensure a smoother transition and make the process less stressful.
Not understanding what probate is and how it works
If you’ve been appointed as the executor of an estate, it’s important to understand all aspects of probate, including what it is and how it works.
What is probate?
Probate is the legal process that occurs after someone passes away. It’s responsible for the distribution of assets from a deceased person’s estate to the next of kin or other designated beneficiaries. In most cases, a will must be filed with the court in order for probate to begin, though there are some exceptions where probate can occur without a will.
What happens during probate?
During this process, creditors are notified, bills are settled and assets or property are distributed according to the wishes expressed either in a valid will or under state intestacy laws if there’s no will. Whether you’re in charge of an estate or just curious about your options after someone passes away, understanding what probate is and how it works can help ensure that things go smoothly.
Thinking you can do it all yourself without any help
When faced with something as personal as probate, you may want to go through it all on your own. However, taking on too much and attempting to do everything by yourself can lead to feeling overwhelmed, burned out and losing valuable time due to inefficient processes that could have been avoided.
You don’t want to dive head first into something you have no experience with–asking help from someone more experienced, like a probate lawyer familiar with Dunbar law, can help greatly.
Not being prepared for the cost of probate
Few of us want to think about death, but it’s important to prepare for all eventualities. That’s why it pays to research ahead of time and set aside resources so loved ones don’t have to bear additional burdens during an already difficult time.
Speaking to a financial advisor or probate attorney can help you prepare for the costs in advance. And if you can’t afford to go through probate? Selling to a cash home-buying team like ours at Building Appalachia can help!
Forgetting to notify beneficiaries of the estate
Forgetting to notify beneficiaries of an estate can spell disaster for executors. Even when the will is officially filed, forgetting to formally notify all of the beneficiaries—or omitting their names altogether—can mean that their gifts and inheritances go unclaimed indefinitely.
As a result, executors find themselves with the legal responsibility to exhaust all efforts to get in touch with all of the beneficiaries so they can receive what they’re entitled to. If you’re named as an executor, make sure you formally contact everyone who should get something from the estate. It’ll save everyone a lot of trouble and heartache down the road.
Failing to keep good records throughout the process
Failing to document details, decisions, and progress can easily lead to confusion and costly mistakes down the road. Without an accurate record of what happened when, how, and why, you may find yourself unable to figure out a way forward. It also serves as proof of your efforts to anyone who needs it in the future. Keeping records may not always be high on your list of priorities as you make headway with your project, but it’d be wise to set aside time for this crucial task.
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