Losing a loved one is never easy, and it can be even more difficult if they passed away without a will. When you find yourself dealing with a family member’s estate and navigating the probate process, it can feel overwhelming. As the executor of the estate, you may face numerous legal and financial challenges, making the probate process incredibly frustrating and confusing.
In this blog post, we’ll explore the most common challenges you may face while going through the probate process and how to overcome them.
Common Probate Challenges Faced by Houston Residents
- Identifying and Valuing Assets
One of your most significant challenges as the executor of the estate will be identifying and valuing all the assets in your loved one’s estate. This can be an arduous, time-consuming task especially if your loved one was a collector or had multiple properties. The estate may include physical assets such as property, cars, furniture, and artwork, and intangible assets, such as pensions, stocks, and bank accounts. The value of these assets will determine the amount of taxes due and how they are distributed among the estate’s beneficiaries.
Seek out a probate specialist experienced with probate matters, start with determining what assets should be valued, and ask for a professional appraisal if you need help with valuation.
- Probate Court Proceedings
Probate court proceedings tend to be incredibly formal, rigidly structured, and filled with legal jargon that can confuse anyone unfamiliar with the process.
Receivers (i.e., beneficiaries) believe the process to be overly complicated – it typically lasts several months or even years, which can be frustrating and daunting. Follow the documents that your specialist and/or state require you to fill out, file promptly, and be prepared to present them in court. Meticulously document all communications and list out any conversations or negotiations you have with the beneficiaries to avoid future disputes.
- Disputes Among Beneficiaries
While you may hope for it to be otherwise, family disagreements can happen during probate proceedings. It’s crucial to manage these disputes with care to avoid any consequent impact on the estate. Be patient and try to understand each person’s unique perspective.
Talk to the estate’s beneficiaries, and if possible, involve a mediator to help resolve any disputes. Avoid entering into any informal arrangements to circumvent the probate process as it can cause legal difficulties and delays.
- Managing Debts and Creditors
Another probate process challenge is managing debts and creditors, which is also a potential legal and financial quagmire. When someone passes away, their outstanding debts and loans don’t magically disappear. The estate must settle the deceased’s debts and distribute the remaining assets to the beneficiaries. Therefore, it’s crucial to identify all the debts and creditors you have to pay, determine the legitimacy of the claims, and negotiate where possible.
- Estate Taxes
Finally, estate taxes pose yet another challenge during the probate process. Estate taxes are typically due within nine months of the individual’s death, and they can be quite substantial, primarily if the assets are valued at more than the exemption amount. Be informed about available income and estate tax strategies and consult with a financial advisor before making any crucial decisions that may have potential tax implications.
The probate process can be incredibly trying and complex, particularly for those who have lost a loved one. These challenges can range from identifying and valuing assets and managing debts and creditors to dealing with disputes among beneficiaries, navigating probate court proceedings, and managing estate taxes. However, with the right guidance from an experienced probate real estate specialist, you can overcome these challenges, navigate the probate process successfully and honor your loved one’s wishes.
Remember to keep a level head, keep open communication with those involved, and work with specialists in matters that cause you doubt or are not well-versed in.
Our Probate Real Estate Specialists Are Here for You
Consider Ohana Legacy Properties as your probate real estate specialist in Houston. Our certified professionals have expertise in dealing with inherited properties and estate sales transactions and are knowledgeable about local probate laws. Contact us if you’ve experienced a sudden loss, and our experts will assist you and your family in navigating the probate process with ease.