Losing a loved one is never easy. But it can be especially hard when you’re named the executor of their estate. Although the sentimentality of it all can cause you to hesitate as you navigate the probate process, you should try to avoid making some of the common mistakes seen during this process. If you don’t, then you might disadvantage beneficiaries and the estate, and you may even find yourself accused of wrongdoing.
Estate administration mistakes to avoid
There are a lot of mistakes that can be made during the probate process. You’ll want to avoid all of them if you can, but here are some of the most common that you’ll want to pay particularly close attention to:
- Failing to create a list of estate assets: If you fail to create a thorough and detailed list of assets, then you might find yourself in court explaining the situation to the judge and named beneficiaries and creditors. This can delay distribution, too, which can leave beneficiaries facing unexpected hardship. You’ll want to avoid that.
- Neglecting recordkeeping: As an estate executor, you need to keep detailed and complete financial records. If you don’t, then you’re going to be asked a lot of questions, and you might end up making distributions that are contrary to the estate’s interests. You might even be accused of misappropriating assets.
- Poor communication: If you don’t keep open lines of communication with beneficiaries, then they might be surprised when a distribution from the estate is delayed. This can cause them financial hardship and leave you facing more conflict than you want.
You don’t have to manage an estate on your own
Administering an estate is an enormous task. For many, dealing with their loved one’s assets is a great honor but also an overwhelming responsibility. Fortunately, you don’t have to face the process on your own. Instead, you can reach out for the support that you need to get through this difficult time and successfully see it through to completion.
