If you recently lost a loved one who appointed you to manage their estate, you could have a number of challenges to work through. In addition to emotional pain that comes with losing someone you love, you could have high levels of stress due to the demanding responsibilities associated with managing an estate.
It is important to familiarize yourself with the fiduciary duties that estate administrators have. Failure to abide by these duties could result in costly and emotionally draining litigation. For example, beneficiaries could accuse an executor of the breach of fiduciary duty and file suit.
A brief overview of fiduciary duties
The New York State Unified Court System goes over the fiduciary duties associated with managing a decedent’s estate. Estate administrators have to make a thorough inventory of assets, file tax forms as required, manage assets and maintain records. Additionally, the fiduciary must distribute assets among beneficiaries before closing the estate.
Handling a dispute related to fiduciary duties
If you find yourself in the middle of a dispute over the alleged breach of fiduciary duties, it is vital to gather evidence and safeguard your interests. Whether a disgruntled beneficiary falsely accuses you of wrongdoing in order to get revenge or someone threatens action due to misunderstandings, you need to approach these disagreements carefully.
Estate disputes can lead to litigation, which can tear families apart and make a difficult situation even harder. Review your fiduciary duties closely to prevent a disagreement and make sure you have a thorough understanding of your options if a lawsuit surfaces.