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estate litigation Archives

Common estate administration errors and how to avoid them

If you live in Arkansas and someone has named you as an executor over his or her estate, you may be new to the process, but trying your best to get everything right. Losing a loved one often proves difficult enough, but if problems arise during estate administration, this can, in some cases, lead to litigation, complicating matters even further. At Gramling Estes Law Firm, we understand that many executors make similar mistakes during the estate administration process, and recognizing where these errors often arise may help you learn to avoid them yourself.

Who makes the best estate executor?

As you create your estate plan in Arkansas, one of the decisions you will have to make is who the executor will be. While you can choose anyone you want and even choose more than one person, this choice is very important. You should take time to weigh your options and ensure that you choose someone who will be able to handle the job. Keep in mind that your executor will manage your estate after you die. That is a lot of responsibility. Here is some insight into what makes the best estate executor.

Can an executor try to increase an estate's value?

Estate executors that are put in charge of a person’s assets are tasked with maintaining the current value of those assets. At times an Arkansas executor might have to expend money and resources to keep those assets from deteriorating. However, is an executor obligated to actually increase the value of the assets under the executor's supervision? If the executor is not instructed to do so by the owner of the estate, it is very problematic or even illegal for the executor to take such action.

Do your estate plans include long-term care plans?

Whether you have yet to start your estate plans or to review and update your plans for the season, there is a good possibility that they may not be as iron-clad as you believe. Guess what? You are not the only one. According to CNBC.com, at least 40 percent of seniors have left gaps in their estate plans that could leave them vulnerable in the event of incapacitation and other life-changing events. 

How can estate plans prepare your family for the unexpected?

It might seem as if estate plans are only necessary to preserve one’s legacy in Fayetteville. However, they can also be a source of invaluable guidance for a person’s family. People are living longer. Death is not the only event they must prepare their loved ones for. There is the possibility of them becoming ill or injured and so disabled that they can no longer manage their financial and medical affairs.

How can I protect my estate’s privacy?

When it comes to creating estate plans, many people in the Fayetteville area put it off until the last minute and do not take measures to preserve their privacy. Some individuals die before they create them. According to the AARP, out of every 10 people, at least six of them do not have estate plans. Estate planning is important for anyone who has property, money and other possessions they want to leave behind to their loved ones. 

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Gramling Estes Law Firm

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Gramling Estes Law Firm
One East Center #140
Fayetteville, AR 72701

Phone: (479) 521-4444
Fax: (479) 521-6730
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