Losing a loved one is hard. However, if you have been appointed as the personal representative of their estate, you need to stay strong enough to handle the probate process effectively. Unfortunately, due to the overwhelming emotions, you may make mistakes.
This guide discusses three mistakes you should avoid during probate.
1. Not learning about the probate process
Executors need to be informed about probate in Minnesota to make the right calls. The state has laws and rules that may affect your case. Not knowing them can lead to costly mistakes and potentially delay the process. It will be best to work with a professional to help you understand the statutes, as they can be complicated.
2. Waiting too long
You don’t need to initiate probate days after you lose your loved one. Nonetheless, it is also not wise to wait too long. Even though the state has a lengthy deadline for initiating the process, the sooner, the better.
When you take too long to open an estate, creditors will start calling you, which can be bothersome. Beneficiaries may also become impatient. Besides, bills and taxes will add up, leading to losses that may be passed to the heirs.
3. Not taking control of assets sooner
As soon as you are named the personal representative of an estate, you should take control of its assets to protect them before distribution. For instance, real estate should be protected from break-ins. You should also develop a plan to pay taxes and mortgages to avoid losses. If you live far away, consider working with a realtor to maintain the properties. Other assets to protect are financial accounts, safety deposit boxes, businesses and cash.
Probate involves several procedures that can be challenging. With professional guidance, you can execute your duties competently.