We know executor duties are scary, intimidating, stressful and, everything you do not want to do when enduring the death of a loved one. However, the deceased entrusted you with the responsibility, and you must fulfil it. As an executor, you are responsible for carrying out the last Will. You will find yourself burned with various tasks, including filing for Probate, figuring out whether or not to pay the inheritance tax, distributing your assets, paying debts, etc.
We understand it’s a huge responsibility, and it’s not uncommon for executors to make mistakes. Though most of the errors are rectifiable, they may take you through the ordeal of spending more time and resources on obtaining the Grant of Probate and administering the estate, so it’s better to avoid these.
This article addresses a few common mistakes executors commit during probate applications in WA or elsewhere. We hope this article helps you complete the probate procedure without these mistakes and delays.
Not Filing for Probate Right Away
An executor’s first mistake is not filing for Probate immediately. If the deceased died without a Will, the estate must go through probate before the beneficiaries receive any assets. The process can take months or even years to complete, so it’s important to file as soon as possible.
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Failing to Gather All the Necessary Documents
When an executor files for probate, they must submit many documents, including the death certificate, the Will (if there is one), and a list of all the deceased’s assets and debts. It sounds simple enough, but it’s common for executors to forget or lose important documents during this difficult time. Be sure to gather all the necessary paperwork before you begin the probate process.
Not Keeping Beneficiaries Informed
An executor has a lot on their plate during probate, but it’s important to remember about the beneficiaries. They are likely going through their mourning process and might not be aware of what’s happening with the estate. It’s the executor’s responsibility to keep them updated throughout the process and let them know when they can expect to receive their inheritance.
Distribution Errors
Once probate is complete and all debts paid off, the executor is responsible for distributing the assets according to the wishes outlined in the Will or state law (if there is no Will). It might sound straightforward enough, but errors are not uncommon. Double-check that you are distributing assets correctly before sending anything out.
Not Separating the Estate Fund
Many executors commit the common mistake of putting the estate fund in their accounts. Though they may have good intentions, it violates the duties of an executor and can cost you your job. However, you can trust the bank with the assets and let them know your executor’s duties. By presenting the required documents at the bank, they can help you set up an executor’s bank account, and you can deposit the amount there.
Not Respecting the Will
A Will is a binding legal document expressing the deceased’s wishes, with instructions on handling the estate. Unfortunately, often the Will is not always a clearly written document and may contain interpretable “legal language”. Mistakes are common here and lead to disputes between executors and beneficiaries. Because if we do not notify each beneficiary of the claim, an affected and disappointed beneficiary may file a claim. Without knowledge and understanding of the Will, it seems impossible to verify the wishes of the deceased in all circumstances. If the contents of the Will are unclear, professional clarification is required. It will save you money and time if you need to fix it later.
Not Having Enough Knowledge of Real Estate
Real estate is the largest component of a person’s Will. If the executor doesn’t know how to handle the real estate, it may lead to losses, and the beneficiaries might claim not to be happy. Therefore, it’s vital to know you have options for real estate, depending on your desired outcome and goals. A basic and practical approach is to list with a local agent. If the property can get higher prices after some repair works, go for it. If there isn’t money for the repairs, talk to the beneficiaries and the attorney to find mutual ground and make sensible decisions regarding the real estate.
Not Hiring a Probate Lawyer
Let’s clarify from the beginning that hiring a Probate Attorney for the proceedings isn’t mandatory. However, the fact that probate lawyers have considerable experience overseeing probate proceedings and have possibly helped clients through the trickiest cases makes them an accessible channel to acquire Probate quickly. When we have a probate lawyer handling all the proceedings and guiding us to get the documents, file Probate and even distribute the assets, there are negligible chances of mistakes or future summons against the executor.
To Wrap Up
Probate can be a long, complicated, and expensive process—but it doesn’t have to be if you avoid common mistakes like these. As long as you file for Probate immediately, gather all necessary documents upfront, keep beneficiaries informed along the way, and distribute assets carefully, you should be able to navigate Probate without any significant issues.
Contact Probate Consultants for an Error-Free Probate Application in WA
With Probate Consultants, you can get the grant of Probate at the earliest as we have ample experience in the field and can eliminate the possible delays from the beginning. We have Australia’s best probate team to help you apply and obtain the probate at the earliest. Our salient features are-
- Australia’s highest-rated probate service
- Guarantee to obtain the quickest Probate
- Document preparation within 24 hrs
- Assistance in answering requisitions
- Continuous support and guidance
If you are an executor looking for guidance to prepare documents and apply for the Grant of Probate, do not hesitate to contact us at 1300 561 803 or email info@probateconsultants.com.au.
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