Leading Estate Planning Attorney Sam Price Reveals Costly Probate Mistakes That Executors Need To Avoid – Redland, CA

Top Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, highlights errors an executor can make when pursuing an estate settlement. For more information please visit https://pricelawfirm.com

Redlands, California, United States – May 30, 2023 —

Estate plans are often complex and challenging projects to untangle for even the most experienced attorneys, so executors not steeped in legalities could be in danger of committing easily avoidable errors.

For more information please visit https://pricelawfirm.com  

Elaborating on these specific areas, Mr Sam Price, the founder of the Price Law Firm, APC in Redlands, California, reflected: “A personal representative carries a lot of power in managing an estate plan and distributing assets as they deal with legal, financial and tax issues.”

One of the first challenges is securing all of a person’s assets as soon as possible after their passing. These can include tracking 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 complaints. “One pitfall is failing to categorize a decedent’s assets properly,” he said. Non-probate examples include trust assets, life insurance policies, and retirement account funds that pass by way of beneficiary designation.

Another matter overlooked is obtaining a Date of Death value for all of the decedent’s assets. This should be done as close to death as possible so this value is easier to calculate. A qualified real estate appraiser will be required if a property is involved.

Mr Price said an executor’s inability to communicate with beneficiaries and creditors on key developments is a common failing which can contribute to unnecessary litigation.

“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,” he cautioned

He advised that personal representatives 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 a personal representative may make costly errors during that period.

Failure to handle creditors’ claims, distributing assets too quickly, miscalculating estate taxes, and neglecting to issue an inventory and accounting in an estate are additional errors personal representatives are often guilty of.

Mr Price said: “Unrepresented personal representatives may fail to consider alternatives to the formal probate administration. A voluntary administration or informal probate may sometimes apply, saving considerable cost and time.”

He concluded: “Being a personal representative is no easy task. Working with an experienced probate attorney can save them from committing unintentional mistakes, reducing an estate’s value, and adding more grief to an already emotionally-charged period for relatives.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 454 Cajon Street, Redlands, CA 92373
Phone: 909-488-4110
Website: https://pricelawfirm.com

Release ID: 89098413

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