When a loved one passes away, the executor of their estate takes care of the assets, pays off debts and distributes property according to their wishes. While executors have important responsibilities, they do not possess unlimited authority.
Most probate laws require an executor to act only in the estate’s and its beneficiaries’ best interest. If they do not, they risk legal trouble.
Executors do not have free rein
If selected as executor, your role in managing the estate of the deceased is incredibly essential. Still, there are restrictions to your power, such as:
- You cannot make changes based on personal preferences or opinions.
- You cannot mismanage estate assets.
- You cannot use estate assets for personal gain.
- You cannot favor beneficiaries over others.
- You cannot delay the probate process unnecessarily.
- You cannot ignore creditor claims.
- You cannot avoid court oversight.
Going beyond your authority or neglecting your duties can lead to serious legal consequences. For instance, beneficiaries can ask the court to remove you as an executor if they believe you acted inappropriately or failed to perform your duties adequately. The court may also hold you personally responsible for financial losses caused by mismanagement in certain situations.
Fulfilling an executor’s role alone is risky
Managing an estate can be difficult and overwhelming. Executors, even with the best intentions, can unintentionally violate laws or fail to meet their legal obligations.
For these reasons, it is wise to enlist the help of an attorney when fulfilling your duty as an executor. This way, you can make sure that the process remains fair, transparent and true to the wishes of the deceased.