For those who have been named the executor of an estate, various responsibilities may be on their plate. Sometimes, people are unsure of what they are required to do, while others have anxiety about a particular aspect of the process, such as distributing assets among beneficiaries. In some cases, an executor is accused of breaching his or her fiduciary duties, which is not to be taken lightly. There are different reasons these cases arise, including some which may not even be valid. As an executor, it is important for you to know your responsibilities and carefully address any issues that arise with beneficiaries or others interconnected with the estate.
Sometimes, an executor is accused of breaching their fiduciary duties by a beneficiary. For example, a beneficiary may be upset about how an estate was distributed and feel that they did not receive property which they thought was supposed to go to them. When this happens, some executors may be able to reduce tensions and secure an outcome that everyone finds favorable. However, this is not always a possibility and bitter courtroom disputes cannot always be avoided.
If you are creating an estate plan, it is important to select an executor carefully. It might be a good idea to have a discussion with the prospective executor and make sure that the person is fully capable of handling their responsibilities. Browse to our law firm’s probate and estate planning section if you are interested in going over more on estate-related legal issues.