Tag : probate near dallas

5 Probate Mistakes to Avoid


Going through the probate process can be stressful.


The goal at Metroplex Wealth is to ease the burden by helping you create a comprehensive estate plan that will make the process run as smooth as possible. We see many cases enter probate, and there are some common probate mistakes that are important to avoid:


Delaying The Process

No one expects you to report the death and begin the probate process the day someone passes, but it is important to report the death in a timely manner. We often see people who wait months before beginning the process, incurring additional taxes, fees, and penalties in the process.


Failing to Protect & Maintain Assets

After a death, all assets must be identified, protected, and properly maintained by the estate. It is imperative to locate them as soon as possible, as to avoid any theft. Furthermore, properties that are owned by the estate must be maintained during the probate process. This means lawn services, keeping utilities running, and other common property maintenance.


Incomplete Records

An estate plan is designed to help the probate process run as smoothly as possible. One mistake we often see is that estate plans are out-of-date and do not list all assets, debts, or other information necessary to settle the estate. Be sure that your estate plan is updated regularly! If you are already in the probate process and an estate plan isn’t available, begin an inventory of all assets and debts so that the estate can be settled quickly. Where to start on finding all debts? Obtain a copy of the credit report, begin collecting mail, and talk with the deceased person’s financial advisors or family.


Not Notifying All Creditors

In that vein, after an administrator or executor has determined all debts, it’s extremely important to notify all creditors of the death. If not, additional costs may need to be paid out of your own pocket vs. the estate.


Trying to Do It All Alone

Probate is a complicated and stressful process, and the wise counsel of highly trained lawyers and advisors who specialize in probate near Dallas is vitally important. Sure, you could probably do it alone, but it could cost you more in the long run with additional headaches and mistakes that hit the bottom line. Not to mention, well-trained specialists know how to save you the most money when going through the probate near Dallas process.


At Metroplex Wealth, we work closely with the Redding Law firm, offering the convenience of having all of your estate planning and probate near Dallas needs met under one roof. Whether you are just beginning the probate process for a loved one or are wanting to make sure your estate plan is current, give us a call today.

What Can I Expect During the Probate Process?

Losing a loved one is never easy.


At Metroplex Wealth, our goal is to aid our clients in navigating this difficult time. Whether it’s your estate or that of a loved one that has passed, we have the distinct advantage of marrying the world of estate planning and probate near me to offer everything you or your loved ones need to settle an estate all in one place.


What is Probate?

Probate is simply a process in which the assets of the deceased are managed and allocated accordingly. The cost and duration of this process varies depending on if there is a Will in place, if there are real estate holdings, location of the real estate holdings, size of the estate, complexity of the estate, etc. Common fees that show up during the probate process of settling the estate include court fees, accounting fees, attorney fees, and executors fees – to name a few.


What Can I Expect During the Probate Process?

Metroplex Wealth, in partnership with the boutique law firm of Redding Law office, is here to assist in all of you and your loved ones probate near me needs. While each probate is different, here are a few common steps you can expect during the probate process:


  1. Petition is Filed with the Probate Court

The first step in the probate process is to open a petition for probate of the estate with the proper courts. At this time, the Will (if there is one), death certificate, and petition are all submitted.

  1. Notice of Probate Given to Beneficiaries

Shortly after, all named beneficiaries are given notice of probate of the estate, and a hearing follows. The purpose of the hearing is to provide an opportunity for anyone to provide additional information (maybe someone has a more recent version of a Will in their possession) or to dispute the Will.

  1. Court Appoints Executor or Administrator of the Estate

The person selected as the Executor or Administrator of the estate oversees the process of settling the estate.

  1. Assets are Located and Cataloged

The first task for the Executor is to locate and take all assets into possession. This process can be timely, given that there might be assets even a spouse or named heir does not know about. Once the assets are located, an inventory of assets is to be created.

  1. Pay the Estate’s Creditors

All debts and final bills are paid out of the estate by the Executor/Administrator.

  1. Prepare & File Final Estate Taxes

All estate taxes are filed and paid by the Executor/Administrator.

  1. Assets are Allocated to Beneficiaries

Once all debts have been paid, the Executor/Administrator distributes the remaining assets accordingly.


If you have questions about probate near me in Southlake, Texas or want to begin estate planning today, call our office at Metroplex Wealth. We specialize in estate planning, asset protection, and probate and would love to help you navigate these complicated subjects with ease.