Common Mistakes During Probate and How to Avoid Them

Probate can be a complicated process that involves the supervision of the court when administering the estate of someone who has passed away. There are many steps involved in probate including confirming the will, inventorying the assets of the estate, paying off the taxes and debts of the deceased, and ultimately distributing remaining property to the estate’s beneficiaries.

Probate is often an expensive process and making mistakes can delay the process and incur additional costs. Below, our Tampa probate lawyer outlines some of the most common mistakes to avoid during the process, and how to avoid them.

Not Understanding Florida’s Probate Laws 

All states have their own set of probate laws and Florida is no exception. For example, the person in possession of the deceased’s will must file it with the court clerk within ten days of learning of the testator’s death. During probate, the personal representative of the estate must also notify creditors of the deceased directly or through publication in a local newspaper. These are just two laws that must be followed during probate. It is important to work with a Tampa probate lawyer when going through the process.

Misunderstanding the Personal Representative’s Role

Personal representatives have many duties and obligations. They must collect and inventory the deceased’s property, pay off taxes and debts, and more. Personal representatives must be organized, have a keen attention to detail, and understand financial and legal obligations. Misunderstanding the role and the responsibilities associated with it can result in long delays and legal disputes.

It is not only recommended that personal representatives work with a Tampa probate lawyer, the law requires it.

Underestimating the Value of the Estate

Underestimating real estate value, overlooking valuable assets, and failing to account for liabilities such as debt are just some of the most common errors that can significantly underestimate the value of the estate. This can result in inaccurate tax filings, beneficiary disputes, and other financial complications. Professional appraisers can ensure that the assets in an estate are accurately valued and ensure that all items are properly accounted for.

Improperly Distributing Assets

There are certain procedures personal representatives must follow when distributing assets. The process usually involves ensuring all taxes and debts have been paid and waiting for the court’s approval of the distribution plan. Distributing assets to beneficiaries early can result in insufficient funds in the estate to cover debt and other outstanding obligations. In these cases, personal representatives may be personally liable for covering those costs.

Our Probate Lawyer in Tampa Can Help You Avoid Mistakes

Unfortunately, the above are just a few of the most common mistakes made during probate. Fortunately, you do not have to navigate the challenging and complex process on your own. At Messina Law Group, P.A., our Tampa probate lawyer can guide you through the process and ensure no mistakes are made so it is as easy as possible and so you are protected. Call us now at (813) 492-7798 or chat with us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html