Losing a loved one is always a difficult thing to navigate, but probate disputes can add to the stress and make it even harder.
The trouble with probate is that is can be quite difficult to navigate. It’s a complicated process that’s easy to make errors with.
It makes sense to do everything you can to make the probate process easier for whoever will be dealing with it. Usually person is the executor of the will, and has usually been informed they’ve been named as executor before any death occurs. If you’re planning for what happens after your own passing, make sure you let the person you choose as executor know you’ve named them.
What Problems Can Arise in Probate?
As probate is known to be complicated, probate disputes can arise due to issues lots of people experience. The most common problems that can occur with probate are listed below.
Distributing Money Too Early
One of the more common problems that can arise with probate it distributing assets and money too early.
The executor of the will is in charge of distributing the assets, but if this is done too early, it can cause problems.
It’s not uncommon for the executor to be under a lot of pressure from the beneficiaries of the will to hurry up the process and divvy up the assets and money to hand.
This can land the executor in a bit of trouble by complicating the process. It can also result in the available funds diminishing before all costs can be settled or before every beneficiary has received what was intended for them.
Executor Not Using Professional Help
It’s always advised that the executor of the will appoints a professional to help with distributing assets. It might be tempting to try and do it yourself to save on costs, but if you make a mistake it can cost you much more than you’ve saved.
As the executor, you can be held accountable – both financially and legally – if you make a mistake.
Appointing a professional to help guide you as the executor will save you from an extra headache at an already stressful time, as well as potentially protect you financially and legally.
Incorrectly Filling in all the Forms
Dealing with probate involves a lot of admin and form filling. Despite there being a lot of information available online, it’s still very common for people to make mistakes.
It’s probably the most difficult part of the process, especially since the forms aren’t very easy to understand.
Part of the form filling in requites the executor to provide accurate valuations for assets. If challenged, they need to be able to provide reasonable justification for those valuations.
Another issue with filling in the forms without help is that people often miss applying for all relevant tax exemptions. As a result, this can be a costly mistake. Tax exemptions can potentially save a lot of money from being paid out that doesn’t need to be.
These common problems with probate can be avoided by enlisting professional help. The executor of the will has already experienced a stressful period by dealing with the death of a loved one and making probate mistakes will only add to the upset.