If your family is facing the probate process, you are likely aware of its potential complexities. Probate can be a lengthy and sometimes frustrating experience, but understanding common pitfalls can help you navigate it more smoothly.
Here are several key mistakes that often prolong probate—and how you can avoid them.
Failing to locate all assets
Locating all of the deceased’s assets is a crucial step in the probate process. Aside from the obvious assets like bank accounts and real estate, you also have to find less apparent ones, such as:
- Digital assets
- Intellectual property
- Hidden assets
- Shares in private companies
Overlooking any asset can lead to an incomplete inventory, which may require amendments to court filings later on.
To avoid this hassle, conduct a thorough search of the deceased’s papers, digital records and physical belongings. You may also want to consider hiring a forensic accountant or asset search professional if the estate is complex.
Not finding the most recent will
Using an outdated will or failing to locate the most recent version can cause serious complications during probate. If you present an older will to the court but find a newer one later, it can invalidate all your work up to that point.
Moreover, this situation often leads to delays as the court must then verify the authenticity of the new will and potentially reevaluate the entire distribution plan.
Naturally, the best way to prevent this issue is to search all possible locations for the will and verify with the deceased’s attorney if it’s the most recent version.
Family disputes
These disputes may arise from various sources, such as:
- Challenges to the will’s validity
- Disagreements over asset distribution
- Conflicts about the executor’s actions
When such disputes escalate to legal challenges, they can add months or even years to the probate timeline.
Open communication and transparency can help avoid conflict during probate. If disputes still happen, consider consulting a probate attorney who can help guide your family through the process in a more efficient manner.
Ignoring debt issues
Creditors have a right to claim against the estate, and the executor must settle these claims before distributing assets to beneficiaries.
To avoid delays, notify creditors of your loved one’s death as soon as possible. In Mississippi, creditors have 90 days from the publication of the first notice to file their claim. Consider hiring a professional who can help you settle the estate’s liabilities.
As you can see, probate can be more complicated than you might think. But with proper preparation and legal help, you can help speed up the process and protect your loved one’s estate along the way.