Leading Estate Attorney Guy Garner Highlights Probate Mistakes That Executors Can Avoid – Haiman Hogue, Arlington TX

Arlington, TX – May 30, 2022 —

An executor will often shoulder the burdens of untangling a person’s estate, but can still commit easily avoidable errors, says Senior Attorney Guy B. Garner.

For more information please visit https://www.haimanhogue.com

In an interview this week, Garner of Haiman Hogue, PLLC, in Arlington, TX, said: “An executor carries a lot of power in managing an estate plan and distributing assets as they deal with legal, financial and tax issues.”

“One of their first priorities is to secure all assets as soon as possible. These can range from tracking down financial assets to physically locking up or maintaining a decedent’s property.”

However, their failure to handle assets correctly is a common area for potential complaint. He elaborated: “One pitfall for an executor is failing to categorize a decedent’s assets properly. Non-probate examples include trust assets, life insurance policies and retirement account funds that pass by way of beneficiary designation.”

Another matter easily overlooked is obtaining a Date of Death value for all of the decedent’s assets. This should be done as close after death as possible so that this value is easier to calculate. If a property is involved, a qualified real estate appraiser will be required to help in the task.

He said an executor’s inability to promptly communicate with beneficiaries and creditors were other common failings. Creditors must receive notice of a pending estate administration, and the estate must remain open for a statutory period to enable creditors to file a claim. Failing to keep beneficiaries abreast of developments can also lead to unnecessary litigation.

Garner stated: “In both cases, executors should seek professional advice and retain the services of a probate attorney who can act as a guiding hand. If they don’t, the probate process may take longer than necessary, and an executor may make costly errors during that period. In Texas, and executor can not file a will for probate without hiring an attorney because statutory law requires it.”

Failure to handle creditors’ claims, distributing assets too quickly, miscalculating estate taxes, neglecting to issue an inventory and accounting in an estate are additional errors executors can be guilty of, said Garner.

“Executors may fail to look at alternatives to the formal probate administration. In some states, a small estate affidavit or filing the will for probate as muniment of title may be options instead of formal probate with full administration, saving considerable cost and time in the process.”

Garner concluded: “Being an executor is no easy task, so working with an experienced probate attorney can save them from committing unintentional mistakes, reducing the estate’s value, and adding more grief to what is already an emotional time for everyone.”

Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. – Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com

Release ID: 89075806

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