When a loved one passes on, you may soon find yourself managing the probate process. As the executor of their estate, there is no shortage of responsibilities. Furthermore, there’s always a chance that something could go wrong.
Knowledge of common challenges can go a long way in helping you avoid setbacks. Here are some of the many things you should protect against:
1. Will Contest
It’s possible that someone could challenge the validity of the will. For example, a sibling who was left out of the will may argue that the deceased was under undue influence at the time it was created.
Not only does this add stress to the process, but it also slows it down while complicating the relationship between the two of you.
2. A Dispute Over the Value of the Estate
Valuing the estate is challenging on many fronts, especially if there are many types of assets to take into consideration.
An accurate valuation is critical in determining if estate taxes should be assessed. Also, it’s useful when dividing assets among beneficiaries, such as the deceased’s home.
3. More than One Will
You may assume that the deceased only had one will, but could soon find out differently. If there are multiple wills, you must determine which one is newest. The court will step in to make this decision.
4. Accusations About Neglecting Your Fiduciary Duty
You may be the executor, but that doesn’t mean you can do whatever you want. You’re held to strict standards in regards to managing and maintaining assets throughout the probate process. Should you make a mistake in this regard, you could be held liable.
With so much to consider as you move through the probate process, it’s best to have an experienced attorney by your side. If you have any questions or concerns, contact our law office for guidance from start to finish.