The Election Won’t Change the Government’s Plan for Your Family and Assets… You Need an Estate Plan!
As we round out another election season, it's natural to focus on how government policies…
When a loved one passes away, settling their estate can be a complex process, especially if you’re not familiar with their financial affairs. As a Central Florida probate lawyer, I often hear concerns from family members worried about missing assets or incomplete information. Let’s address these common worries and explore what happens in these situations.
The Challenge of Incomplete Information
It’s not uncommon for the person handling an estate (often called the executor or personal representative) to have limited knowledge of the deceased’s financial situation. This can happen for various reasons:
Steps to Uncover Assets
If you find yourself in this situation, don’t panic. There are several steps you can take:
The Probate Process and Asset Discovery
The probate process itself can help uncover assets. Here’s how:
What If Assets Are Discovered Later?
It’s not unusual for assets to be discovered after the initial probate process is complete. If this happens you may need:
The Importance of Due Diligence
As the executor, you have a fiduciary duty to make a reasonable effort to uncover all assets. This doesn’t mean you’re expected to be perfect, but you should be thorough and act in good faith.
Seeking Professional Help
Navigating these complexities can be difficult, especially during a time of grief. Just remember that it’s okay to not have all the answers right away. The probate process is designed to help bring clarity to these situations. If you’re facing these challenges, don’t hesitate to seek professional legal advice. Our Central Florida probate lawyers can help you navigate this complex process with confidence and ensure that your loved one’s affairs are settled properly and legally. If you have questions or need assistance, please contact us at 407-648-9530 to schedule a consultation.