Handling the legal process of administering an estate while also mourning the loss of a loved one can be a lot for any family to deal with. Probate, which is already an intimidating and complex task, can also become especially difficult for those who attempt to navigate it without legal guidance and support.
For some families, handling probate by themselves may seem like a cost-effective decision. However, most families that go down the DIY route soon realize that the process is fraught with challenges that can delay the distribution of assets. Familiarizing oneself with possible challenges can help prepare families that are considering the DIY approach to probate to make a more informed decision about their options.
Missing or invalid wills
One of the first challenges in probate arises if the deceased’s will is missing or invalid. A will may be deemed invalid if:
- It wasn’t properly executed
- It contains ambiguous language
- It is suspected to have been created under undue influence
Without a valid will, the estate will be distributed according to intestacy laws, which may not align with the deceased’s wishes.
Failure to identify and locate assets
Identifying and locating a loved one’s assets soon after their passing can be an excruciating experience for any family. Furthermore, the process can be quite overwhelming if the deceased held accounts, investments or properties in multiple locations. Missing assets can lead to disputes among heirs who feel assets are hidden or mismanaged.
Mismanagement of debts and taxes
Estates are required to pay off a deceased’s outstanding debts and taxes before beneficiaries receive their inheritance. If the executor is inexperienced, the estate may encounter legal penalties and financial losses due to:
- Miscalculating taxes
- Failing to settle debts
- Missing important deadlines
Tax issues, such as capital gains tax or inheritance tax, are often complex and may require legal intervention for better understanding.
Family disputes
Naturally, emotions can run high during probate, especially when family members disagree on the distribution of assets. Disputes can arise over:
- The validity of the will
- Claims of favoritism
- Perceived inequities in asset division
These disagreements can escalate into costly legal battles, potentially prolonging the process.
When mourning the loss of a loved one, families don’t have to burden themselves with addressing the probate process by themselves. Families are often better off enlisting compassionate legal support during asset distribution to honor their loved one’s wishes.