Estate administration is a big responsibility. And if you’ve never been tasked with the duties associated with this role before, then you might worry about carrying out your responsibilities as intended. To avoid an undesirable outcome, you’ll want to avoid some of the most comm mistakes made during the estate administration process. We’ll take a look at some of them here.
Mistakes to avoid in the estate administration process
The estate administration process isn’t as easy as it seems. As a result, there are several mistakes that can be made. Here are some of them:
- Not understanding the probate process, which can leave you uncertain of your options and lead you to making decisions that are contrary to the estate’s interests and the law.
- Waiting too long to initiate the probate process, resulting in increased pressure from creditors and heirs while bills related to the estate continue to accumulate.
- Failing to create a thorough inventory of estate assets, which can leave heirs with extensive question and lead to further delays.
- Not securing assets quickly enough to prevent them from suffering losses, as this might leave you on the hook for any resulting damages.
- Failing to keep accurate and thorough financial records, which will cause a lot of conflict with beneficiaries if the numbers don’t seem to line up.
- Refusing or neglecting to engage in consistent communication with named beneficiaries.
Any of these missteps can lead to estate administration delays, conflict, and probate litigation. If you want to avoid any of those outcomes, then now is the time to start getting a plan together for how to fulfill your duties as executor.
Do you have lingering questions about estate administration?
If so, don’t hesitate to proactively search for the answers you need. You can find support as you navigate the challenges ahead of you, hopefully allowing you to get through the process as smoothly as possible.