Common Mistakes an Administrator or Executor Can Make During Probate and How to Avoid Them

No outcome in mind

Beginning with the end in mind provides clarity and focus throughout the entire probate process.

Although it can be an overwhelming experience (especially if the decedent is your close relative), it does

not have to be stressful, if you have a clear reminder of and commitment to what the end goal is. Here

are some examples: peace of mind, pay off debt and taxes a.s.a.p., settle with heirs, and maximize value

of estate, just “be done with it and get it over” and others. Whatever the end goal is, it must be agreed

upon by all so that you get support and have confidence in the decisions you make as the

executor/administrator.

Not educating yourself on the probate process and deciding if you need / want a lawyer

You can educate yourself on our site about the process and read the timelines and/or go to your local

courthouse to get more information. Once informed, it does make a lot of sense to talk to an attorney

about the process and see what he/she thinks might be appropriate in your situation. You may then

decide that you can handle this “pro per” meaning without a lawyer and represent the estate yourself as

you go through the probate process.

Relying on your attorney for EVERYTHING

You might decide to use an attorney because your case might be slightly complicated or the estate is not

in your hometown or state or you simple have no time on your hands. Your probate attorney is an

expert in his field and will be paid as such. If you rely on your attorney for expertise such as taxes,

securing the real estate, selling real estate, maintaining property, etc. you are not fully using local talent

and maximizing the value of the estate. Financial planners, CPA’s, local realtors, contractors and estate

planning firms are experts in their perspective field and can give you specialized knowledge which pays

off in both the short run and long term.


Marketing real estate too late

Do not make the mistake of waiting too long to market any real estate, if you’d like to settle the estate

as quickly as possible. Once you have been approved as the executor of the estate, you can begin

soliciting offers on the real estate. In other words, parallel to handling everything else, you can list with

a realtor, get advice, solicit offers and even go into escrow. Escrow will not close until you have

acquired letters testamentary / letters of administration. As long as your buyers are aware of this, you

will do fine. Be sure to use a realtor that understands probate.



Securing and maintaining real estate. You are responsible

Now that you are responsible for the real estate that means you must make sure it is secured and

properly maintained. If you are not in the same city or state this can become a challenge for you,

especially if curb appeal suffers and squatters take over. A good realtor that understands your probate

needs can also help you maintain the property by using people in his/her network.



Choosing friends over the right professionals to do a particular job

Now that you might need an attorney, realtor, tax advisors, financial planning and estate planning, you

can find yourself surrounded by well meaning friends that want to help. E.g. you might have an attorney

friend that practices business litigation that will help you with probate. This is where you must be

cautious and make sure you pick your team of professional experts that will get the job done because

this is all they do. Similarly, you might have a realtor friend that specializes in a certain area of town or

other type of real estate that wants to list the real estate for you. Again, having a realtor with probate

experience that specializes in the area of your real estate location will benefit you and ensure you get

the most out of it.

Not knowing your options when it comes to selling real estate

Real Estate is the biggest component of the estate’s assets. Depending upon your desired outcome and

goals you should know that you have options in real estate. The basic and straight forward approach is

to list with a local realtor. You may also find yourself with real estate that needs some work and could

therefore fetch a greater price after some repairs. If you do not have the cash for the repairs, but ample

time on your hands, there are people we can refer you to that will gladly partner with you on the

repairs. Finally, if you are in a rush, don’t have cash to fix up the real estate and just want to get done

with it; an investor will pay cash for it. Knowing your options gives you flexibility which gives you power

in your decision.





Source: WWW.USPROBATESERVICES.ORG