Most people who are chosen to be executors of a loved one’s estate aren’t estate planning attorneys. However, they have legal obligations under Ohio probate laws. You don’t want to run afoul of those laws. Unfortunately, some people unknowingly engage in what is known as “executor misconduct.” Let’s look at some common examples of types of unintentional executor misconduct and how to avoid them. Failing to record the will Among the first steps as an executor are locating the will, making sure it’s the most current version and filing it with the court. It’s best, of course, if the decedent told you where the will and all the documents you’ll need are. Unfortunately, sometimes people have to search for it. If you fail to locate a will, the court will need to declare that the deceased died “intestate.” State probate laws then determine how the assets in the estate will be distributed. Failing to protect the estate’s assets It’s the executor’s job to locate and secure the assets until they can be properly distributed. It can be easy for people to loot the estate if they have access to the home and/or the deceased person’s accounts. As the executor, it’s your responsibility under the law not to let that happen. Failing to manage the estate’s finances Until the estate is settled, it’s the executor’s job to pay bills. You need to pay all of the estate’s bills and debts before you can distribute assets. You’ll also be responsible for the estate’s taxes and the decedent’s final income tax filing. If money is owed to the estate, you’re responsible for seeing that this is collected. It may be helpful to think of managing an estate like managing a business. Don’t take anything from it. If the deceased didn’t specify how much you’d be paid for your duties as executor, the court will determine that. If the decedent didn’t have an estate planning attorney who can advise you as you carry out your responsibilities, it’s wise to seek the help of one. An experienced attorney can help you avoid the above problems and others and help the process of settling the estate proceed as smoothly as possible.
Common examples of unintentional executor misconduct
On Behalf of Lindhorst & Dreidame Co., L.P.A. | Mar 20, 2019 | Probate and Estate Disputes
Recent Posts
Archives
- January 2022
- November 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016