Houston Estate Planning and Elder Law Attorney Blog
If you are left to handle a loved one’s estate after he or she dies, you will likely be looking to wrap everything up as efficiently as possible. The longer probate drags on, the more time and money it can end up costing everyone involved. As long-standing Houston estate planning attorneys, we are all too familiar with some of the common pitfalls that estate administrators face, and we know how to take steps to proactively avoid the pitfalls and the delays that accompany them.
Pitfall #1: Familial Disputes
As a will passes through probate, third parties have the opportunity to dispute the validity of the will. Oftentimes, a third party will argue that the decedent was not of sound mind while writing the will or that another person fraudulently influenced the decedent during the process. These disputes, in turn, can hold everything up and delay the probate process. To avoid this scenario, we recommend that anyone writing a will or estate plan communicate early and often with their family members and beneficiaries. By taking the time to ensure your loved ones are aware and understanding of your choices, you can minimize the chance of a dispute down the road. As an estate administrator, take the time to meet with family members early on in the process, and try to work out any potential disputes outside of the probate courts.
Pitfall #2: Incomplete Estate Plans
If a decedent passed away without accounting for all of his or her assets, this can also delay the probate process as the estate administrator will have to spend time trying to track down unnamed money or property. To avoid this pitfall, take a thorough look at the assets in your possession before beginning your estate plan. If you are an estate executor, use the time before you file any petition in probate court to make sure you have a solid handle on all of the assets in the decedent’s position.
Pitfall #3: Debts and Unpaid Claims
Sometimes, a creditor’s claim on an estate can delay the probate process, since creditors have the right to get paid before beneficiaries inherit from the estate. There are several strategies to combat this issue, including by creating a trust that shields your assets from any third-party claims. You can also use “payable on death” accounts to transfer money directly to beneficiaries without having to first consider creditors. As an estate executor, you can do your due diligence to look into possible creditors as early as possible, in order to make sure you are prepared to dispute invalid claims and properly address valid ones.
Are You Looking for an Estate Planning Attorney in Texas?
At McCulloch & Miller, our team of Houston estate planning attorneys helps you prepare for probate in the most efficient and thorough way possible. We offer client-centered, holistic services for our clients in the Houston community, and we work with the care, attention, and experience to ensure our clients receive the highest possible quality of representation.
For a consultation with a Houston estate planning attorney from our team, give us a call today at (713) 333-8900. You can also fill out our online form to tell us about your circumstances and have an attorney reach back out to you as soon as possible.