3 Common Mistakes Made by Executors
Being an executor is not as easy a role as one might assume. An executor has to deal with the loss of a loved one while simultaneously trying to get their will implemented and their estate distributed. The whole process involves a lot of legal leg work and documentation; so, it’s actually quite easy to make mistakes along the way.
Seeing as when you become an executor you gain legal authority to finalise a person’s affairs, it would be best to get into the role after some preparation. To help you along, we’re going to go through some of the more common mistakes that executors make.
Hopefully, this can save you some time and minimize the stress that comes with the job.
Properly Probating the Will
It may be surprising, but some of the bigger mistakes are made right at the beginning.
A lot of people who might not know about court proceedings will try and turn toward a legal professional, but it’s important to know who’s help you should be enlisting. You might think the best course of action is to turn to an estate law attorney, but that’s not the correct call. You should enlist the help of a probate attorney instead.
Wills need to be proved in probate court, and while an estate attorney may be better at handling distributions of the property, they aren’t the best people to take to court to get the will testified. The right attorney can prepare the will and all supporting documents to ensure the next phase can begin smoothly.
Making Timely Payments
This mistake may come as a surprise to a lot of people, but it’s entirely possible to pay the bills too quickly. Executors usually begin getting invoices and bills on behalf of the deceased, and many would think the best course of action is to begin paying them immediately.
Instead, you should first take stock of all the bills and sort them by priority. Money owed to government bodies and tax departments should be the first ones paid off, and then you should move to lower-level bills for services and such.
Executors can be held legally responsible for being unable to make such payments on the deceased behalf. Getting rid of bigger liabilities first means you will not run out of money once the IRS comes calling.
Moving the Process Along
Trying to get through with your executor responsibilities as soon as possible is probably the wrong way to do things. The process of distributing an estate is quite lengthy and will take you the better part of 6 to 9 months to complete properly. Trying to rush things often results in legal liabilities that the executor can actually be sued for.
It’s ideal to take things slowly and plan a list of what needs to be done in a professional manner. If you require a specialist estate law attorney Brooklyn and estate law attorney Queens or a probate attorney in Queens, you can get in touch with us.
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