While probate is necessary to distribute a person’s assets according to their will or state law, it can also be a time-consuming and complicated process prone to mistakes. Here are some of the most common probate mistakes and how to avoid them with the help of a Reno Estate Planning Attorney.
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Failing to Plan Ahead
One of the biggest mistakes people make in probate is failing to plan. Estate planning is essential to preparing for probate, and starting the process as early as possible is vital. Estate planning can help you avoid probate altogether or at least minimize the time and expenses associated with the process.
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Not Filing the Will in a Timely Manner
If you are the executor of an estate, it is essential to file the will in a timely manner. Failing to do so can result in delays, added expenses, and increased stress for the beneficiaries. To avoid this mistake, you must be familiar with your state’s probate laws and file the will immediately after the person’s death.
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Not Keeping Accurate Records
Keeping accurate records is an essential part of the probate process and one of the most commonly overlooked aspects. Keeping accurate records of all assets, liabilities, and expenses can help you avoid mistakes and ensure that the estate is distributed according to the person’s wishes.
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Failing to Notify Beneficiaries
Another common mistake in probate is failing to notify beneficiaries of the estate. Beneficiaries have a right to know about the estate and their potential inheritance, and it is essential to keep them informed throughout the probate process. Failing to do so can result in disputes and legal challenges.
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Ignoring Creditor Claims
Creditor claims must be addressed during the probate process, and ignoring them can result in costly legal battles and decreased assets for the beneficiaries. To avoid this mistake, you must be familiar with the laws regarding creditor claims in your state and promptly address any claims.
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Not Hiring an Experienced Probate Attorney
While it is possible to handle probate on your own, it is often a good idea to hire an experienced probate attorney. Probate attorneys can help you navigate the complex legal process, avoid mistakes, and protect your rights and interests.
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Failing to Pay Taxes
Estate taxes and inheritance taxes can significantly reduce the available assets to beneficiaries, and it is crucial to be aware of these taxes and to pay them promptly. Failing to pay taxes can result in penalties, interest, and decreased assets for the beneficiaries.
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Distributing Assets Prematurely
Finally, distributing assets prematurely is a common mistake in probate. Distributing assets before the probate process is complete can result in disputes and legal challenges, and it is crucial to follow the proper procedures and wait until the process is complete before distributing assets.
