Manhattan probate and estate planning attorney Benjamin A. Goldburd, partner at Goldburd McCone LLP in New York, outlines common probate mistakes executors should avoid, including failing to secure assets, mishandling debts and taxes, and poor communication with beneficiaries. For more information please visit https://www.goldburdmccone.com
— Serving as an executor can be a significant responsibility, and even well-intentioned individuals may make mistakes that complicate the probate process, according to estate planning attorney Benjamin A. Goldburd.
For more information please visit https://www.goldburdmccone.com
Goldburd, an attorney at Goldburd McCone, LLP in New York, NY, explained: “An executor has an important role in administering and distributing an estate. Because the position involves legal, financial, and tax responsibilities, mistakes can occur if the executor is unfamiliar with the process.”
One of the most common errors involves failing to properly safeguard estate assets. “A key responsibility of the executor is to identify and secure all assets as quickly as possible,” Goldburd said. “This can include locating financial accounts, preserving valuable personal property, and maintaining or protecting real estate owned by the decedent.”
He also noted that executors sometimes fail to distinguish between probate and non-probate assets. “Assets held in trust, life insurance proceeds, and retirement accounts may pass outside of probate and should be categorized correctly,” Goldburd explained.
Another frequently overlooked issue is obtaining the date-of-death value for estate assets. “These valuations should be completed promptly, as they are essential for tax reporting and estate administration,” he said. “If real property is involved, a qualified appraiser may be needed to establish an accurate valuation.”
Goldburd emphasized that communication with beneficiaries and creditors is another area where executors may encounter problems. Creditors must receive notice of the estate administration, and the estate generally must remain open for a statutory period to allow claims to be filed.
“Keeping beneficiaries informed about the progress of the estate can help reduce misunderstandings and the potential for litigation,” he said. “Working with a probate attorney can provide guidance throughout the process and help executors avoid costly errors.”
Other mistakes Goldburd has observed include mishandling creditor claims, distributing assets before all obligations have been resolved, miscalculating estate taxes, and failing to prepare required inventories or accountings.
He also encouraged executors to consider whether alternatives to formal probate may be available. “In certain situations, a small estate affidavit or other simplified procedure may be appropriate, which can reduce both time and expense,” Goldburd noted.
Goldburd concluded: “Administering an estate is a complex task. Seeking advice from an experienced probate attorney can help executors fulfill their duties properly, preserve the value of the estate, and minimize additional stress for the family during an already difficult time.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Benjamin A. Goldburd
Email: Send Email
Organization: Goldburd McCone LLP
Address: 11 Broadway, Suite 1155, New York, NY 10004
Phone: (646) 663-8226
Website: https://www.goldburdmccone.com
Release ID: 89198299
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.
