I just discovered that I am an executor. What are my duties as an executor?
An executor is a person who is named under a deceased person’s will and is tasked with administering the deceased’s estate (assets). While being an executor can be simple, such as where the executor was the deceased’s only child and the sole beneficiary under the deceased’s will, it can also be a complex task. This is particularly the case in modern blended families or in families with high levels of conflict.
If you have been appointed an executor, know your rights, obligations, and liabilities. If an executor makes a mistake that results in a beneficiary receiving less money than they expected, for instance, a beneficiary may sue the executor in his or her personal capacity. Litigation involving executors can be stressful, time consuming, and expensive for all involved. An executor is also expected to handle with tax issues on behalf of the estate, which depending on the complexity of the estate in question, can involve significant work and the potential for liability if a mistake is made.
At ATAC LAW, we believe that the best way to avoid conflict and litigation in the administration of an estate is for the executor to get legal advice before applying for a grant of probate and distributing assets to beneficiaries. Call our friendly lawyers today to arrange for a consultation to discuss your duties as an executor.
