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.
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 One mistake we often see is that estate plans are out-of-date and do not list all assets, debts, or other information necessary to settle the estate.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.