Common Probate Mistakes

Common mistakes people make during probate include failing to properly identify and collect all assets, failing to properly value assets, failing to properly pay debts and taxes, and failing to properly distribute assets to beneficiaries.

One of the first mistake is not being aware that the deceased person has died testate, meaning they left a valid will, or intestate, meaning they did not leave a will. In case of testate, the will must be located and filed with the court and the appointed executor must be qualified to act as such. On the other hand, in case of intestate, the court will appoint an administrator to oversee the distribution of assets.

Another mistake is not identifying and collecting all assets of the deceased person. This includes not only physical assets like real estate and personal property, but also bank accounts, investments, and insurance policies.

Additionally, many people fail to properly value assets. This is especially important when it comes to assets that are subject to fluctuation in value, such as stocks and real estate. This can lead to assets being undervalued, which can affect the distribution of assets to beneficiaries.

Failing to properly pay debts and taxes is another common mistake. This includes not only outstanding debts, but also taxes that are due, such as estate taxes and income taxes.

Lastly, failing to properly distribute assets to beneficiaries is also a common mistake. This can occur when beneficiaries are not properly identified or when assets are distributed in a way that does not comply with the terms of the will or state law.

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