If you have elected yourself or were chosen to act as a personal representative, contacting a seasoned lawyer could be invaluable. An attorney could explain what complications a Lombard personal representative should expect and how to overcome any obstacles.
Personal representatives in Lombard should expect that beneficiaries may have their own ideas about the value and status of the estate. This is particularly true for personal property and household furnishings. Someone might think that the house they grew up in and all its knick-knacks have great value. However, he or she may be surprised to learn that most of those items have no value whatsoever. In those cases, it may be necessary to obtain a professional appraisal of all the personal property in a residence or a storage unit.
Additionally, family members and beneficiaries may be surprised by their share of the estate. Whether it is due to the terms of a will or otherwise, beneficiaries may be upset with their inheritance. They might have misconceptions about what the decedent had. They may be confused, or they may simply lack knowledge and think that a decedent had a larger estate than he or she actually did. Personal representatives may need to deal with many aspects of disappointment and surprise from family members or beneficiaries, particularly in cases where a child has been disinherited.
Factors that could make the probate process accelerate or slow down include the size of the estate and whether the estate is subject to estate taxes, which requires the filing of a federal estate tax return. Beneficiaries may have to wait for the IRS to issue a closing letter or do an audit.
The biggest factor is whether there is any litigation in the estate. Probate estates can give rise to several types of litigation, such as a will contest. They could litigate on claims. There could be allegations that the personal representatives breached their fiduciary duty. There could be proceedings to recover money on behalf of the estate.
If there is litigation, it extends the administrative process from six months to one year. If it does not settle, it goes to trial and could take three years or so.
Another factor could be business interests, particularly in a small business. If a business interest negotiated a buyout, there could be issues with the corporate structure or the corporate succession plan. The estate may become involved in a dispute with any remaining shareholders or other business owners over the value of the shares.
Another complicating factor for a personal representative in Lombard is poor planning, particularly in blended families where communication among family members is poor. It could lead to many disputes over who gets what. Disputes always cause delays and greatly increase the time it takes for an estate to be closed.
Factors that could accelerate the probate process include strong family relationships and the size of the estate. A smaller estate with no disputes could streamline and ease the process. A clear estate plan, whether a will or a trust, could accelerate the probate process and help marshal the assets. If it is clear where things are located, it speeds up the whole process.
Some of the frustrations personal representatives in Lombard should be prepared for could be personal. It could be related to dealing with family members. Even on the quick side, probate could take six months to close, and family members, depending on their personal circumstances, are usually eager to receive their inheritance. They should be ready for family members to pester them about what is happening with an estate, even though there may be nothing the representative can do.
Another frustration pertains to real estate. The personal representative may have difficulty selling it, or it may require extensive work before it can be marketed.
One of the big frustrations may be that they feel their hands are tied in various circumstances by the probate process, and that they want to make certain decisions without consulting their attorney. This can be a mistake, because if they do something that an interested party later takes issue with in a probate process, it may lead to a dispute.
If you feel unprepared to act as a personal representative for another, contacting an experienced attorney who could explain the complications a Lombard personal representative should expect could help you feel more secure.
