Here are some common probate mistakes that people make and what to do in order to avoid them-

1. Delay in Application of the Will

Most of the time, people are guilty of taking this requirement lightly and this is filing the will with the probate court on time. In New Jersey, there is a time limit of 10 days after the death of a person within which the executor is able to produce the will to the surrogate court. Avoiding this step can cause problems such as course of action by some of the other heirs or the beneficiaries. Missing the time limit in some situations can really pose a problem in proving the will due to lack of credible witnesses.

How to Avoid It:

• Make sure that the will is submitted immediately after the death of the decedent, which may be within two days in some jurisdictions so that there are no hitches. If you are the executor and you want to gather some documents for a certain period of time, explain that there is some progress and the court should be informed.
• If you are having legal problems then professional assistance should be sought. If you are not very confident of any of the steps in this first phase, professional consultants would advise you to seek legal advice and thus help in avoiding the making of unnecessary holes.

2. Inefficiency or Mismanagement of Estate Assets

Among the primary duties of the executor is taking care of the property of the deceased which also means protecting it during the probate phase. The executors play a large role in making blunders such as letting the properties fall under depreciation because there are assets like a house, car, or major personal items that have not been prudently insured.

For instance, if the property is vacated and no measures for the protection of the house have been taken like insurance, it may be damaged or stolen which depreciates the estate.

How to Avoid It:

• Protect and manage all tangible items right after being appointed as an executor. Make sure that all the existing properties are insured and are protected from any form of decay.
• Note down every item that belongs to the estate, where it is, and what condition it is in and how much worth it is. This will help you in the continuous planning of the various undertakings to be carried out and that improves efficiency in the distribution phase.

3. Ignoring Critical Compliance Dates

Slain rules white out the various lawsuits and notices which are advanced during the probate processes tend to be dredged down to a few. For the completion of the probate and estate administration process any and all deadlines must be met. Failure to comply with any one of such deadlines would invariably bring about penalties, extensions of time or even threaten the target person with lawsuits from the other beneficiaries or the creditors.

The probate process under New Jersey law contains a succession of steps that need to be done within a prescribed time period. Mailing beneficiary notices and preparing estate tax returns are among the tasks that fall within this definition.

How to Avoid It:

• Regularly update all the important deadlines relating to probate after the commencement of the process. Ensure this contains aerial dates of motions filing, creditor claim as well as tax returns.
• This is an area where stakeholders expect the intestate or court administrator to step in, however if you are not confident of any deadlines or procedures do get in touch with an attorney or probate expert, the repercussions of failing to meet these deadlines can be severe.

4. Lack Of Effective Feedback with The Beneficiaries

In probate cases, executors commonly commit an error by not updating the beneficiaries throughout the probation time. Such a communication gap is dangerous because it can create potential conflicts, disagreements, and emotion such dread. At all times, the beneficiaries should be able to obtain the current position of the estate and the manner in which there is management of assets.

How to Avoid It:

• Communicate with all the beneficiaries at various stages of the probation period. If there are any issues that can delay progress such as completion of certain tasks or petitions for the progress or resolution of the matters at hand, be clear on such delays and give “progress” reports on up to where the probate property is.
• Employing the criminal contempt statute, beneficiaries are provided with the last report regarding the assets contained in the estate and the reporting of these assets’ liquidation prior to the conclusion of the ongoing probation proceedings. In this manner, clarity is attained and the chances of possible disagreements are limited.

5. Ignoring the Tax Responsibilities

One of the main mistakes people make while carrying out the succession is by not reasonably addressing the deceased’s tax matters. Executors are responsible for preparing and/or submitting requisite returns on behalf of the deceased including final returns which cover final income by the decedent and in case there are estates, returns on estate taxes. The state of New Jersey currently does not have an estate tax, although there is the prospect of inheritance tax for certain inheritors.

How to Avoid It:

• Make sure to file the decedent’s final income tax return for the year of death. Income for such a return will include even that earned up to the time of death.
• Do find out if the estate will be liable for any federal or state estate tax. For example, if the estate surpasses the limit of the exemption for the estate tax, it will be liable for estate taxes at the federal level.
• Hire a tax professional who can assist you in such endeavors. He or she will file these returns accurately and will also see to it that each and every tax that is required has been paid.

6. Premature Distribution of Probate Assets

One of the common and grave mistakes made by the executors includes making partial payments and disbursing the kins without waiting for the resolution of all debts, taxes and claims to be made. Doing so would expose the executor to personal liability because there will be no other sums available to meet the outstanding expenses of the estate.

How to Avoid It:

• Make sure that any debt, taxes and any legal obligations to the third parties have been taken care of before paying off any assets to beneficiaries. This includes settling accounts with creditors, tax liabilities, and fees concerning the probate process.
• If there is any doubt as to whether the estate has been successfully settled consider retaining the services of either a lawyer or a qualified financial planner before taking any action. It is, as always, better to hold the distribution than take a risk of liability.

Conclusion

Transitioning within the probate system may be demanding particularly to a first time executor. Nonetheless, by being aware of common errors and how to handle issues relating to their occurrence, it can be never overemphasised how easy the process of probate will be. These mistakes include missing deadlines or other prescribed time limits or effecting disbursement of some of the assets. These snags can delay the legal procedures and lead to unnecessary extra costs. Putting in place preventive measures, being organized and getting assistance from professionalism where applicable, execution of the expected responsibilities by the executors can be done without excessive irritations.

NJ Probate Experts is committed in assisting executors and families in dealing with New Jersey probate. Our certified probate professionals relieve you of the strenuous legal work by ensuring every legal aspect is complied with and your interests are safeguarded at every stage. Do you need to go through probate or need to plan for it in the future, then reach out for NJ Probate Experts for expert assistance and peace of mind.