How To Avoid Common Delays When Settling Your Estate
After you are gone, your loved ones will have to settle your estate. This involves identifying all of your assets, responding to creditor claims, ensuring your property is distributed according to your wishes, and more. The process of resolving an estate can be complicated and unnecessary delays will only make it more stressful for your family members. Fortunately, there are steps you can take now to ensure they do not have to deal with these delays. Below, our Daytona Beach estate planning lawyer explains what these are.
Gather Important Paperwork
Missing and incomplete paperwork is one of the most common reasons for delays when settling an estate. The probate court will need certain account details, specific forms, and other documentation. If your loved ones cannot find this paperwork, probate may not be able to proceed until it is found. To help avoid this, gather all important paperwork ahead of time and ensure your family knows where it is. A lawyer can help you understand exactly what documents your loved ones will need to avoid unnecessary delays with the court.
Communicate Openly With Your Family
Family members do not always agree about how an estate is to be divided, even when you have left clear instructions. Whether there are questions regarding the value of certain assets, disputes about the will, or conflicts about fairness, these issues can also create unnecessary delays. To avoid them, have open discussions with your loved ones about your expectations and intentions.
It is also important to work with an attorney who will use very clear and specific language in your estate plan. If a will or any other estate planning document is outdated or unclear, this can also cause delays when resolving your estate, as it will make it easier for loved ones to challenge the will and the court may need to interpret it.
Create an Inventory of Your Assets
If your loved ones cannot locate all of your assets, it will cause delays in the process. Create an inventory of all of your assets including investments, real estate, digital assets, and unique items, such as an art or jewelry collection. Also consider having valuable assets appraised to save your loved ones time in the future.
Establish a Trust and Designate Beneficiaries
The probate courts in Daytona Beach are often backlogged, which can create very lengthy delays. While this is out of your control, there are steps you can take to help your family avoid the process entirely. You can establish a trust and fund it with property you want to distribute and designate beneficiaries on retirement accounts and life insurance policies. These measures will ensure property is distributed to your loved ones right away.
Our Estate Planning Lawyer in Daytona Beach Can Help Your Family
One of the most important reasons to properly plan your estate is to make things easier for your loved ones after you are gone and ensure they are properly supported. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can execute your plan properly with specific instructions so there is no confusion about your wishes. Call us now at 386-252-5170 or contact us online to request a consultation and to get the legal help your family needs.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
