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Probate is a legal process that involves the distribution of a deceased person’s assets and property to their heirs and beneficiaries. While probate can be a straightforward process, it can also be quite complicated, and mistakes can be costly. In this text, we will discuss some of the most common probate mistakes that people make and how to avoid them.
Failing to Create a Will
One of the most common probate mistakes is failing to create a will. Without a will, your assets will be distributed according to state law, which may not align with your wishes. Creating a will ensures that your assets are distributed according to your desires.
Naming an Ineligible Executor
Another common mistake is naming an ineligible executor. Executors must be 18 years or older, have no criminal record, and be mentally competent. If you name an executor who is ineligible, the court will appoint someone else, which can lead to delays and additional costs.
Not Updating Your Will
Failing to update your will is also a common mistake. Your will should be updated whenever there is a significant life change, such as the birth of a child, a marriage, a divorce, or a death. Failure to update your will can result in unintended consequences, such as leaving assets to an ex-spouse.
Not Considering Taxes
Many people forget to consider taxes when creating their estate plan. Inheritance taxes and estate taxes can significantly reduce the value of an estate. It’s essential to work with an estate planning attorney to create a plan that minimizes tax liabilities.
Not Properly Funding a Trust
A trust is an estate planning tool that can help avoid probate. However, many people fail to properly fund their trusts, which means that assets are not properly titled in the name of the trust. Failure to fund a trust can lead to assets being distributed through probate, defeating the purpose of the trust.
Not Understanding the Probate Process
Finally, one of the most significant mistakes is not understanding the probate process. Probate can be a complicated process, and it’s essential to understand the steps involved, including identifying assets, paying debts, and distributing assets. Failure to understand the probate process can result in delays and additional costs.
In conclusion, probate can be a complex process, and mistakes can be costly. To avoid these mistakes, it’s essential to work with an experienced estate planning attorney who can guide you through the process and ensure that your wishes are carried out correctly.