If you are the executor of a will, you will be in charge of everything involving the will including contacting the people who are included in the will and making sure all taxes and debts are paid off. You need to improve your people skills and you need to be excellent in organization. You also need to devote a good amount of time and money to get the probate process done.
Not all executors are familiar with the process of the execution of the estate or the probate process. This can cause them to make the following mistakes:
1.Not being able to determine the size of the estate.
The estate might be qualified for small estate administration. You probably won’t need to hire a probate lawyer in North Vancouver if it’s a small estate as most of the process for dividing inheritance for small estates are quite straightforward.
2.Not knowing which assets should go through probate.
Some assets such as insurance policies and retirement plans already have beneficiaries included. They should no longer go through the probate process. Properties that are held in joint tenancy might not need to go through probate as well. The best thing that you can do if you don’t know which assets should go through probate is to hire a probate lawyer in North Vancouver who will be able to check the estate and help you out.
3.Distributing the proceeds of the estate too soon.
Why is this a problem? If you go through the probate process too fast and without the help of a probate lawyer in North Vancouver, creditors might not have enough time to make a claim against the estate. If you distribute the assets too soon, there might not be money left to pay creditors.
This is why you should hire a probate lawyer in North Vancouver first, especially if it is a big estate or there are businesses involved. A probate lawyer in North Vancouver from law firms such as Lynn Valley Law can help reach out to creditors who might make a claim against the estate.
4.Not paying off taxes correctly.
You also need to hire a lawyer for this to ensure that taxes are properly calculated and paid off. Some estate plans might include strategies to avoid taxes such as putting some assets in a trust. If you don’t know this, you might accidentally include these assets in the taxable ones.
When in doubt, just consult a lawyer. It is better than going through the probate process alone and end up making these crucial mistakes.
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