Leading estate planning and probate attorney Bobby Sawyer founder of Johannesmeyer & Sawyer, PLLC recently highlighted the costly mistakes executors often make when handling probate, urging them to seek professional guidance. For more information, please visit https://www.jandspllc.com
-- Tax, debt, and asset distribution are just some of the areas that an executor could fail at if they are unsure of how to handle complex estate plans, Estate Planning and Elder Law Attorney Bobby Sawyer said this week.
For more information, please visit https://www.jandspllc.com
Estate plans are often challenging projects to untangle for even the most experienced attorneys. So, an executor not steeped in the legalities could risk committing avoidable errors.
Bobby Sawyer, of Johannesmeyer & Sawyer, PLLC in North Carolina, said one challenge for an executor is to quickly secure a person’s assets after their passing.
He emphasized: “This may include tracking down bank accounts, other financial assets, cash that may have been secreted in the person’s property, pensions, and even maintaining their property if they have one.”
However, failing to handle assets responsibly is often a source of complaint and frustration from family and creditors.
“One pitfall is failing to categorize a decedent’s assets properly,” he said. Non-probate examples include trust assets, life insurance policies, and retirement account funds that pass through beneficiary designation.
Sawyer said: “An executor or a personal representative wields a lot of power in managing an estate plan as they deal with legal, financial, and tax issues. But they could fail in their responsibilities if they don’t stay focused and neutral.”
Another overlooked matter is obtaining a Date of Death value for all of the decedent’s assets. This should be done as close to death as possible so the value is easier to calculate. If a property is involved, a qualified real estate appraiser will be required.
Bobby Sawyer added that an executor’s inability to communicate with beneficiaries and creditors on key developments is an additional failing that can contribute to litigation.
“Creditors must receive notice of a pending estate administration, and the estate must remain open for a statutory period to enable creditors to file a claim,” he cautioned.
Personal representatives were advised to seek professional advice and retain the services of a probate attorney who can act as a guiding hand. If they don’t, the probate process may take longer than necessary, and a personal representative may make costly errors during that period, added Sawyer.
Failure to handle creditors’ claims, distributing assets too quickly, miscalculating estate taxes, and neglecting to issue an inventory and accounting in an estate are additional errors personal representatives are often guilty of.
Bobby Sawyer said: “Unrepresented personal representatives may fail to consider alternatives to the formal probate administration. A voluntary administration or informal probate may sometimes apply, saving considerable cost and time.”
In conclusion, he said: “Being a personal representative is no easy task. Working with an experienced probate attorney can save them from committing unintentional mistakes, reducing an estate’s value, and adding more grief to an already sensitive period for relatives.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bobby Sawyer
Email: Send Email
Organization: Johannesmeyer & Sawyer, PLLC
Address: 117 E Main Ave, Gastonia, NC 28052, United States
Phone: (704) 312-5635
Website: https://www.jandspllc.com/
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