If you have recently lost a loved one, then there is a good chance you will need to go through the complex process of administering their estate. While this can be complicated even at the best of times, it can become even more difficult if some kind of issue arises during the process. Here are five potential legal issues that may arise during estate administration:
Issues with fiduciaries
While everyone who is an heir to a will has some involvement in the estate administration process, the bulk of the actual duties are handled by the fiduciaries: the executor of the estate, and the trustees of any trust that has been established. However, these fiduciaries may neglect their duties, or something may happen to them that prevents them from carrying out their responsibilities. If that happens, it can lead to serious legal issues, particularly if there was intentional wrongdoing on the part of one or more fiduciaries.
Out of date estate documents
Another way the estate administration process can go awry is if a deceased person had a valid estate plan, but it is significantly out of date. In these cases, it is possible for their will or trust to give someone property they no longer own, or it may fail to distribute property they have acquired since the last time they updated their will. It also increases the chances that assets will be given to someone they have since fallen out with, or even someone who is no longer alive.
Problems with identifying assets
Another potential issue that may arise during estate administration is if the decedent failed to keep good records of their personal property or assets. This may include records of things like bank accounts, investment accounts, retirement benefits, or any other assets that may not be readily apparent. Without good record keeping, it may become difficult to identify these assets for distribution.
Will disputes
Of course, there is always the chance that someone will challenge the validity of a will or other estate planning documents. This may be the result of legitimate concern about whether a particular document is genuine, or it may be a self-serving attempt to increase the size of their own inheritance. Either way, however, it can potentially lead to extended litigation that may take months or years to settle.
Creditors and tax liabilities
Unfortunately, it is not merely a deceased person’s heirs who potentially have an interest in the estate. Creditors and tax collectors may try to settle any outstanding debts by taking money out of the estate. With proper estate planning, however, you can minimize this risk, and ensure as much of their assets go to their loved ones as possible.
If you are looking to plan your estate, or have any other needs related to probate, estate administration, or elder law, you should contact Leventhal Elias Law, PLLC. She can assist you with every aspect of New York estate and elder law, allowing you to focus on what really matters. For a consultation, contact her at her Staten Island office at 718-448-6655, or email her at EliasEsq@outlook.com.
Comments