Posts Tagged Estate Planning

In our last post, we discussed some of the mistakes to avoid when settling an estate through probate. Here are some others: Handling creditors improperly Every potential creditor of the estate must be notified about the estate going into probate. If the creditor is known, he or she can be notified personally. Unknown creditors, on the other hand, must also be notified. How? Through a notice published in a local newspaper. The probate must be kept open for a period of time mandated by state statute to allow creditors to file claims against the decedent’s estate. Failing to communicate effectively with estate beneficiaries Working closely with beneficiaries is not a legal requirement, but failing to keep them abreast of developments can be a big mistake. In fact, poor communication sometimes leads to unnecessary, and expensive, litigation. Remember: You are not the only one dealing with the loss of a loved

Losing a loved one is difficult enough without the added stress of having to make important financial decisions while grieving. For many people, the duties and responsibilities of probating a loved one’s estate can feel overwhelming. The probate process is time-consuming, complicated, and, quite often, extremely frustrating. If you have been named as an executor or personal representative and are tasked with settling an estate through probate, you’ll want to avoid these common mistakes. Handling assets incorrectly One of the first things an executor or personal representative must do is secure all of the decedent’s assets. Accomplishing this requires taking different steps for different types of assets. For example, financial accounts may simply need to be closed, whereas real property (such as a house) might require making sure the property is secure and arranging for its maintenance. Categorizing assets incorrectly Some assets do not have to go through probate. When