Preparing your assets is an essential step when estate planning and it’s the only way to control where your possessions go after you pass away. Despite that, only 67 percent of adults in the US have an estate plan. Creating a will or trust will help you guide your possessions to loved ones and close friends.
If you’re a beneficiary in the will, it’s fair to wonder, “What happens if no probate is filed?” Understanding the consequences of not probating a will is vital to know how to proceed after the death of your loved one.
Luckily, you’ve arrived at this illuminating guide of what to expect if you fail to file probate. Continue reading to protect your legal assets today!
What Happens if No Probate Is Filed?
Part of the executor responsibilities is to file probate after your loved one or family member passes away. The executor must act in the best interest of all beneficiaries. The estate will face considerable losses if the executor fails to file probate.
Encouraging the executor to act as directed is the best way to protect your loved one’s legal assets and uphold the will. Here’s a look at the consequences of failing to file probate.
Legal Assets Won’t Transfer
One of the most consequential issues of failing to file probate for a will is the lack of title transfer. The beneficiaries cannot claim assets like land, automobiles, and valuables from the deceased loved one.
The property cannot transfer without court approval. Consider working with probate lawyers for guidance and assistance.
Ongoing Expenses
Another consequence of the executor failing to file probate is ongoing expenses against the estate of your loved one or family member. It will become impossible to pay any debts or bills on behalf of the deceased party. Insurance premiums, property taxes, and other expenses will mount against the estate, cutting into your inheritance.
Creditors Will Pursue Payment
Any creditors the deceased owed money to will shift their focus on you after your loved one’s death. The debt collectors will contact everyone connected to the deceased to secure the owed money.
Executor Will Be Liable
If the will’s executor knew to file probate for the will, they’re negligent in their responsibilities and can be liable in a court of law. They’ll be liable for the additional expenses against the deceased’s estate.
You can sue the executor if you lose money and assets due to their negligence. It’s best to consider all avenues of recourse when the executor chooses to avoid probate.
Now You Know What Happens if No Probate is Filed
Filing probate after a loved one passes away is a top responsibility of the will’s executor. Knowing what happens if no probate is filed is critical to understand how to proceed.
You’ll face mounting expenses and lose access to the assets you’re due to inherit. The executor will be liable, and you can file a lawsuit for negligence.
Knowing your rights and the law is best when faced with unfortunate or unfair circumstances. Check out our Law content for guidance on your legal dilemmas.
