5 Common Mistakes an Executor or Administrator can make During ProbateChad Corbett
It’s no surprise that people who have recently suffered the loss of a loved one can feel a bit overwhelmed by the events that take are going on around them. And generally, when one is overwhelmed one tends to make mistakes. Thus, it is quite common for executors to make mistakes during the probate process that can affect him/her and you as a probate real estate investor. What follows below is a list of common mistakes that executors make that can be costly if not avoided.
- Distributing assets too soon: One of an executor’s main jobs is to approve creditor claims and pay creditors as well as to distribute assets to the beneficiaries. However, estates do not always have enough assets to do this is an efficient manner. When this is so, creditor’s claims need to be prioritized so that the requirements of the law are still met.
- Not taking to time to learn about the probate process: This is where you can add value to your clients. While you cannot litigate for him/her, your knowledge of the probate process will help you and your potential client to arrive at a mutually beneficial outcome.
- Waiting too long to begin the probate process: By waiting too long to seek out an attorney and respond to the probate process, creditors and heirs may become impatient. Moreover, taxes will begin to build up the longer an executor waits. This can be quite a touchy subject for your client since they will understandably need time to grieve.
- Falling to prepare an accurate inventory of assets: Preparing an accurate inventory of the deceased person’s assets including real estate, jewelry collections, etc., is a necessary part of an executor’s job. Failing to do so could prolong the probate process and lead to legal complications down the road.
- Marketing real estate too late: Some executors wait too long to market the real estate that is under their charge. Ideally, administrators or executors should try to solicit offers for real estate as quickly as they are legally able to. This is where your expertise can come in handy and where your opportunities arise. Just be sure to approach your potential clients tactfully.
For your potential clients the probate property process is bound to be confusing and bit scary. For you it should be as familiar as the back of your hand as it can be when you take our probate property courses. That and our listing leads will put you well on the way to growing your business.