Probate Mistakes Which You Must Avoid!

Probate is a legal process which helps in settling down the estate of a person after their passing. The procedure carries different potential risks and problems. If you have sufficient knowledge of such pitfalls, then you can minimize or eliminate any kind of difficulty.

Missing Documents
A will designates an Executor, which is also known as Personal Representative or Fiduciary to probate the estate. To be served as an Executor of the estate, he or she must be approved by the Court for filing an application with the Fiduciary Oath. This application must be accompanied by the original will and death certificate. In case the named representative is willing to serve but resides in any other state, an in-state agent should be named. In this case, an executor posts a bond as Will doesn’t wave such a requirement. If you don’t think about these requirements, these might create difficulties for the executor.

No Legal Assistance
As an Executor, you must be liable for mismanagement of estate funds. You might distribute assets at an early stage or fails to meet the deadlines. A Probate Attorney in Wisconsin has the ability to keep you away from any such mistakes.

Personal Taxes Are Not Filed before an Estate is Closed
An executor should file the tax returns of the person who has become deceased for the year of death. In case the taxes are owned and the Estate is already closed, it must be opened again either to pay the due tax or inherit a refund. At this point, heirs have spent their inheritance. Virtually, it’s impossible to return it.

Improper Handling of Creditor Claims
In case a person who is being served as an Executor fails to publish a Notice to Creditor, in the designed manner and for a length of time, creditor claims must be submitted long after they are barred. The personal representatives should pay the bill of the estate in a specific order. Also, there shouldn’t be enough money for paying to every credit in full. This results in personal liability.

Final Words
Serving as an executor of the will is a pleasure but it carries responsibility. For the ones, who are not comfortable in completing their work on their own, they must get in touch an experienced Probate Attorney. So, if you need any kind of assistance in probating the estate of your loved one, contact an elder law firm.