Are you getting ready to go through the probate process to settle an estate, but are not sure about what problems could come up? Here are some potential problems you may have to deal with.
The Executor Refuses Their Responsibility
The designated executor does not always know that they have been picked as the executor. This can happen when a will has not been updated in years or the matter simply wasn't discussed. This can lead to the designated executor refusing their responsibility, meaning a new executor will need to be picked. The executor will then be appointed by the probate court, which will take some time.
The Will Is Contested
A will can be contested in court for multiple reasons. This can happen because others are questioning the deceased person's mental state at the time the will was made, or some sort of expected fraud regarding the will. This usually happens if someone feels like they are not getting their fair share of an inheritance and decides to challenge it in court.
There Are Missing Assets
Sometimes, assets that are designated to be inherited can go missing. This can happen due to people close to the deceased taking these items before they go through probate, and they simply go missing. They may even feel like these items belong to them when they have not legally been passed on. The best way to prevent this from happening is to have the executor immediately secure the estate after the person passes away. It may also be worth having the executor document where any assets listed in the will are located so that they can track if they go missing.
All Property Is Not in the Same State
Another common problem is when there is property located in a state other than where the deceased person lives. This is often the case when someone has another home and vehicle that is in another state. This will complicate the probate process since you'll likely need to go through probate in each state so that the property in both can be released.
The Creditors Ask for Payments
The executor will need to let creditors know that the person has passed away and that those debts will be settled by using estate assets. Problems can come up if there is not enough cash to settle debts since assets will need to be sold to settle any outstanding bills.
For more information, reach out to a law practice such as Anthony L. Barney, Ltd. Attorneys & Counselors At Law.
