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What problems could arise for an executor?

| Mar 1, 2021 | Uncategorized

Acting as the executor of someone’s estate is a big job. It is not easy, and it requires you to be reliable and professional.

There are some issues that could arise during your time as executor that you will need to deal with. The American Bar Association explains that being a good executor of an estate requires understanding the potential problems and knowing how to handle them.

Personal liability

There is always some level of personal responsibility as an executor. You must understand how to manage the estate and your legal duties. If you mismanage things or fail to complete a duty, it is possible that the beneficiaries could sue you and hold you personally liable for any losses.

Common issues you may run up against include keeping insurance active, paying taxes and investing mistakes. You also have to be careful not to favor a beneficiary or come across like you are favoring someone.

Communication

Most of the issues that could arise come from bad communication. Part of your job as an executor is to keep the beneficiaries in the loop on every detail of the estate. You need to develop a way to ensure everyone receives communications. You also need to be available to them to answer questions when needed.

As an executor, you need to keep the mindset that you work for the beneficiaries. You are a representative of the estate and the deceased person. You need to maintain professionalism at all times and make sure you take the responsibilities seriously. If you fail to do these things, you could run into trouble that will impact you personally.

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