Stories about someone still dealing with a loved one’s estate years after they have passed away are common. But why does this happen? Here are some of the reasons for delays in finalising estates and what you can do to prevent them.
This is the most prevalent issue with wrapping up an estate. If there is no will, it won’t be clear who should get what, meaning your estate could be divided up in a way that you didn’t want and cause problems that lead to delays. This issue can be easily avoided by drafting a will.
Choosing the wrong executor
Another common problem is when someone has a will, but the executor, who is the person responsible for carrying out the wishes in the will, isn’t the right choice for the role. If the nominated executor doesn’t specialise in administrating estates it can result in delays. Often in these circumstances, families end up having to seek a specialist anyway.
To prevent this, it’s important to choose the right executor when you create your will. They will need to deal with a lot of legal and tax issues and it’s best if it’s someone who understands estates.
Things like tax disputes, complicated assets or family members who introduce litigation can also impact the wrapping up of an estate. While these problems are somewhat unavoidable, if you have a clear, legally sound will and have appointed a capable executor, your loved ones will be better equipped to deal with the delays than if those things weren’t in place.
In the midst of grief, it can help your family if they have clarity on how to deal with the bureaucracy that accompanies someone’s passing. A will and a well-appointed executor go a long way towards easing their burdens during this time.