Hidden Costs Of Settling An Estate

It sounds easy. Someone dies. The will is read. The estate is closed.

Last Will And Testament (Photo credit: Ken_Mayer)
Last Will And Testament (Photo credit: Ken_Mayer)

Not always. Especially for the executor of the estate. That person can be overwhelmed by filling out paperwork, making endless phone calls and driving miles to meet in person with relatives of the deceased.

Closing out an estate is filled with expenses such as court fees, attorneysโ€™ fees and commissions if the executor is going to be paid, which is often the case, according to an article on dailyfinance.com.

If you are going to be the executor, know that it is going to take time.

Problems can arise when beneficiaries disagree on who gets what. Sometimes these disputes end up in court and can take years to resolve.

If beneficiaries are not adults, that can require more paperwork. However, a trust can make that process much easier.

Beneficiaries who live in foreign countries can also complicate matters. The paperwork can be daunting.

If the person who dies had property in more than one state that also can be cause for problems. The probate process may need to happen in each state. This can be avoided if the owner had titled one of the properties to a revocable living trust or limited liability company.

Other costs may include shipping items, cleaning the property and insurance and protecting the property while it is in the process of getting ready to be sold.

The process can be more difficult if the deceased turns out to have been a terrible record keeper. If that were the case, the executor will have to spend more time and money trying to sort things out.

If you have questions about estates, feel free to call us for a consultation at (626) 696-3145.

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