Dealing with an estate can be complex, but if beneficiaries disagree, it can become even more challenging. A probate attorney can provide invaluable assistance during the process and help manage any disputes. Below, we examine what happens if a beneficiary disagrees with a probate valuation in El Paso, TX.
What Happens if a Beneficiary Disagrees With the Probate Valuation in El Paso, TX?
Probate takes into account the entire value of an estate, not just the items of significant value. The value declared for probate must reflect the value of the estate as of the date of death. The final probate figure should reflect the value of the assets minus any taxes or debts that are payable.
The value of every item should be a realistic market value. Confusion can sometimes arise as the market value may differ from the amount paid for the item or the amount for which it is insured. However, the value required for probate is the market value at death, not any other method of measurement.
Are Professional Valuations Required?
A professional valuation can help dispel any concerns, but it’s not compulsory. The laws in Texas require a realistic market estimate, but this can be obtained from other sources. For example, similar listings can be used to estimate the value of real estate or vehicles.
Some assets cannot be valued accurately without a professional appraisal, such as a business or rare antiques. In these cases, you should not attempt to submit a value for probate until expert opinions have been sought.
Can an Executor Ignore Beneficiary Complaints?
A beneficiary may not fully understand how the probate value is calculated, so explaining the process could allay any concerns. However, if disagreements remain, the executor should not simply ignore any objections. Errors in the probate valuation could lead to the estate being incorrectly distributed. If this happens, the executor may be held personally liable and could be sued for compensation.
If beneficiaries express concerns over how probate has been valued, it’s advisable to seek legal advice. Your attorney will be able to guide you through the process, including when to arrange a professional valuation.
Can a Beneficiary Take Legal Action?
If a disagreement over the probate valuation can’t be resolved, a beneficiary has the option to refer the matter back to the probate court. Objections to the probate figure could result from a difference of opinion on the valuation, missing items from the inventory, or alleged errors over whether the assets form part of the estate. The court will make a judgment provided the case hasn’t been time-barred.
Consult a Probate Attorney
Administering an estate is a huge responsibility which can leave you vulnerable to being sued if all actions are not completed lawfully. A probate lawyer can provide essential guidance throughout the process, and assist with any issues such as complaints from beneficiaries.
Our areas of practice include probate law, real estate law, and business law, which means we are ideally positioned to help with all aspects of probate administration, including valuations. To find out more, contact the Law Office of Albert Nabhan, PLLC in El Paso, TX today.
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