10 Common Probate Mistakes (and How to Avoid Them)

Probate can often feel like a labyrinth for those unfamiliar with it – but understanding the process is important for a smooth transition of assets.  

We’re here to share 10 of the most common mistakes encountered in probate, and how you can best prevent them from arising. Whether you're dealing with a will, an inheritance dispute, or simply seeking broader advice on probate, understanding common pitfalls can help significantly in your next steps. 

What is probate? 

Probate is a legal process that happens after someone passes away, ensuring their belongings and money are handed out according to their wishes.  

If the person left a will, it's about confirming it's valid and making sure what's written is followed. If there isn’t a will, probate figures out who should receive what, based on the law. It also involves settling any debts the deceased person might have had.  

Essentially, probate acts as the official way to manage and finalise someone's affairs after they're gone, giving peace of mind that everything is taken care of properly. 

Mistake 1: Overlooking Estate Valuation 

One prevalent mistake is underestimating the importance of accurately valuing the estate. Incorrect valuations can lead to tax issues and disputes among beneficiaries, so mitigate this risk, work with professionals who can provide an accurate appraisal. This involves gathering comprehensive details about the deceased’s assets, including property, investments, and personal belongings. 

Mistake 2: Ignoring Debt Settlements 

Neglecting to settle the deceased's debts before distributing assets is another common error. Failing to clear outstanding obligations can result in personal liability for executors, potentially requiring them to reimburse creditors from their own assets.  

To avoid this, ensure all debts and taxes are paid before any distributions. Maintain clear, accurate financial records and seek advice – such as from a specialist wills, trusts and probate barrister – to simplify this process. 

Mistake 3: Delaying Probate Application 

Procrastination in applying for probate can lead to unnecessary delays in asset distribution – increasing the risk of missing documents and strained relationships with potential beneficiaries.  

Executors should initiate the probate process promptly to avoid prolonged legal proceedings, and where necessary, engage a barrister or solicitor early in the process to expedite the application. 

Mistake 4: Failing to Communicate with Beneficiaries 

Lack of communication can breed distrust and potential disputes among beneficiaries. Keeping all parties informed at each stage of the process fosters transparency and reduces the likelihood of conflicts. Regular updates and addressing concerns promptly and accurately demonstrate a commitment to fair and equitable probate proceedings – an important consideration for long-term relationships. 

Mistake 5: Overcomplicating the Will 

A complex will can result in lengthy probate processes and disagreements, so simplicity is key to avoid confusion. Qualified legal advisors can help to ensure the will is clear, concise, and reflects the deceased's true intentions. Reviewing the will periodically with professional guidance can also help with addressing any significant changes in circumstances. 

Mistake 6: Neglecting to Keep Detailed Records 

Maintaining meticulous records of all financial transactions and communications during probate is essential. Lack of documentation can result in questioning of the executor's decisions, complicating the asset division process.  

Some useful information to keep on record would include: 

• Inventory of all assets, including real estate, bank accounts, investment portfolios, personal property, and life insurance policies 

• Detailed records of all outstanding debts, including mortgages, loans, credit card balances, and medical bills 

• Estate expenses, including any costs incurred during the administration of the estate, such as funeral expenses, attorney fees, and probate court costs 

• Precise accounts of how and when assets are distributed to beneficiaries, along with any supporting documentation 

• Records of any income earned or gains realised by the estate during the probate process, such as interest, dividends, or property sales. 

• Invoices and receipts from any professionals hired to assist with the probate process, such as appraisers, accountants, and legal advisors. 

Mistake 7: Disregarding Tax Implications 

Pay careful attention to tax obligations to mitigate potential fines or penalties. Executors should start by obtaining a thorough assessment of all estate assets and their respective values, and ensuring that all necessary tax returns, such as the estate tax return and the final income tax return for the deceased, are filed accurately and punctually to avoid late fees.  

Utilising tax-efficient strategies, like fair market value assessments or charitable donations, can alleviate some of the tax burdens, ultimately benefiting both the estate and its beneficiaries. Clear documentation and careful record-keeping will also assist in meeting tax obligations. 

Mistake 8: Underestimating the Role of a Legal Professional 

The expertise of a barrister can be invaluable in complex probate cases – particularly those involving will or inheritance disputes.  

A barrister specialising in probate can offer important insight into the will and its intended outcomes, as well as advocate on your behalf if disputes are taken to court. They can also help to draft any significant documents, reducing the likelihood of mistakes, and advise on your best steps going forward. 

You can find out more about Barrister Connect’s wills, trusts and probate barristers here. 

Mistake 9: Handling Probate Alone 

Managing probate can be overwhelming, so instead of going it alone, consider seeking support from friends and family who can provide comfort and reassurance throughout the process. 

Apart from alleviating anxiety, external support can reduce isolation through an emotionally complex period, allowing you to better manage the probate process. 

Mistake 10: Overlooking Future Planning 

While dealing with probate, it’s also wise to consider future estate planning. Evaluate the current and projected needs of beneficiaries, so that division can be tailored accordingly, as well as the potential for trusts for minors or other family members requiring long-term care. 

If you’re looking for further support managing probate, consider working with one of our specialist barristers, who can offer tailored advice and reassurance throughout the process.