Probate is a court proceeding where a person’s estate is administered according to their will. Probate still takes place when you do not plan your estate, in which case the law decides who gets what. It ensures that the assets within the will are fairly distributed.
Like any other legal process, probate is a complex one as well. Many problems may occur at any point during the process. Knowing what they are can help you prepare. Consulting with a New Jersey estate planning lawyer can help you understand the situation better and avoid mistakes.
Common problems that arise during probate
- The executor did not want the role.
When you plan your estate, you must also appoint an executor to take care of the assets, distribution process, and working throughout the probate process. It is important to ensure that the person named as the executor is trustworthy, capable, and, most importantly, wants to take up the responsibility.
Managing finances after someone passes away is not easy. Therefore, not everyone would want to get involved in a complex process like this. When the named executor does not want the role, the court appoints someone else.
- The executor failed to fulfill their duties.
The executor must be capable enough to execute the entire process with complete honesty and sincerity. If they act selfishly for their personal movies or fail to fulfill their obligations after taking up the responsibility, there are legal remedies available. In severe cases, the beneficiaries can also take legal action against the executor for causing financial losses or other problems.
- Dispute over the value of the estate.
Valuing assets and property is an integral part of the estate planning process in New Jersey. One of the reasons why valuation is important is to determine whether taxation is required and how much. According to the IRS, estates with more than $5.45 million need to be assessed for taxes. Therefore, questions regarding the value of assets can cause significant legal issues.
- A challenge to the validity of the will.
Sometimes a family member that may or may not be included in the will may challenge its validity. For example, the deceased may have made a verbal promise to give them a certain property that is not included in the will.
Another example is someone claiming that the deceased had prepared the plan under the influence of alcohol or drugs. However, anyone who comes up with such claims needs to have solid evidence to support their statements.
These are some of the many problems that can arise during a probate process. You do not want to deal with lengthy legal battles when you are still grieving over the death of your loved one. Hiring an attorney can take some burden off you.
