Carrying out the job of an executor is no easy task. At first, it seems like an honor, but as time passes the executor soon realizes that it’s not all sunshine and roses. When people write their wills, they will usually select a trusted person, such as their spouse, an adult child, a sibling, or a close friend to act as the executor of their estate.
The executor has the legal responsibility to pay off all debts and taxes and distribute the remaining portion of the estate to the decedent’s heirs. Beyond paying off creditors and adhering to strict probate court rules and deadlines, there can be a minefield of family issues.
Executors Can Be Sued if They Harm the EstateNot only are executors held the highest standard of fiduciary duty, they can be sued and held personally liable if they make a mistake that harms the estate. That said, here are some of the biggest mistakes that executors make during probate:
If you have accepted the job as an executor or a personal representative, consult with an experienced probate attorney before you begin carrying out your fiduciary duties. Hoopis Manosh Estate Law is happy to help! Call 401.773.9993 for a free consultation.
(This article originally appeared on www.probate.com, August 23, 2016).