Probate itself is a complicated process. The circumstances we face make it even more challenging.
Experts recommend starting as early as possible. It’s an emotionally challenging time. Many people don’t do a thing for a year or so and then start thinking about dissolving the estate of the deceased person. Don’t do that because that might be considered a way to manipulate the estate.
For example, if two siblings inherit a house. One of them was living in the home before the death of the parent and continues to do so after they pass away. A year passes, and the siblings decide to initiate the probate process. At that time, the court can ask the person living in the house to pay the rent. Furthermore, their action can be considered wrong because they have been using the place without the consent of other involved parties. For such reasons, it’s best to start earlier. The process itself is lengthy and can take months to resolve the issue.
Problems arise when different degree relatives are involved in the process. This article will highlight issues that arise when you probate the estate of the deceased person.
Contesting the Will
Many times, relatives contest a will because they believe it’s not what the deceased person wished to do. In that case, the executor & beneficiaries will generally defend the will to continue the probate process.
You need to ensure that you have found the right will and it’s the one being probated. The will should be contested if it’s the wrong one or is falsely manipulated by the executor.
Finding the Assets
It is a challenge to find the complete detail of the assets. Sometimes, you’ll find complete information in a document prepared by the deceased person.
Other times, you might not have any clue about the property. Where are the bank accounts? Did the deceased person own any real estate? If so, where is it located? Are there any tangible/intangible assets such as royalties, antique pieces, or precious items?
The executor must do the due diligence to find all the items. The beneficiaries and involved parties need to agree on the found list and the distribution strategy. It’s not always a smooth journey, and you’ll need the help of a reputable probate attorney in Connecticut.
Attorney Delay Tactics
Two people often don’t agree on the same subject, especially if the matter is about inherited assets. When more than two people are involved as beneficiaries, the process becomes even more complicated. You’ll notice that opinions vary and sometimes, people will hire their attorney whose job is to question every decision of the executor. That only adds to the stress.
It takes expert negotiations and legal documentation to gather everyone on the same platform.
Where Do You Live?
When multiple people inherit an estate, it’s essential to note down their location. How long will it take for all to reach the attorney’s office? How far are they from the executor?
Many documents need original, hand-written signatures. That means e-signatures are not accepted everywhere. Imagine the scenario. You need to get the documents signed by everyone. It’s going to be a problematic work although you just need a few signatures. The process starts getting delayed.
Once everyone agrees on the validity of the will, the authority of the executor, and the value of assets; the documents will be signed. After that, you need to wait for the creditors to file the claims, and then it takes a couple of months to wrap up everything.
The point of this article is to guide you about the problems that usually arise. If you’re the executor or a beneficiary, you can better manage the process if you’re aware of the situation.
Probate seems like a long & daunting task, but at the end of the day, it protects the assets and the will of the deceased person. As the court is involved in the process, chances of fraud become minimal, and you can rest assured that legal matters will be taken care of. In this situation, it pays to have a reputable attorney or an advisor on your side. If the estate involves real estate, you can also contact a trustworthy real estate investor in your area. The investor can give you a fair price estimate and will buy the property fast within days.
A fast sale saves you time that is otherwise spent on countless showings, repairs, and negotiations. Contacting an investor also gets you advice regarding the matter. Even if you choose not to work with a company, you can always get a free consultation.