Breach of Executor’s Duty
Any breach of executor’s duty can result in a charge of misconduct against them.
Here’s a short list to remind you of possible executor breaches of fiduciary duty:
• financial negligence handling estate assets causing loss
• failure to properly invest estate assets
• failure to complete the estate administration in a timely fashion
• purchasing estate assets personally without authority (self-dealing)
• not following the terms of the will (funny how easy it is to do this)
• unfairly or illegally distributing estate property
• overcharging executor’s fees
• not providing necessary information to the beneficiaries, causing them to hire lawyers to demand an accounting
If an executor’s financial dealings are challenged, they may need to produce a formal accounting for a court audit. At such a hearing, allegations of misconduct against them could have a judge order a trial to determine liability to repay money to the estate or beneficiaries.
This can also result in fines, surcharges or payment of legal costs. Executors can end up paying for this out of their own pocket.
Executors Need More Than a Checklist
Executor Kung Fu is what I created it. It is a roadmap. It teaches you the skills nobody else does. You won’t hear anyone else talking about these topics.
You can download a copy here or read a sample chapter and table of contents here.
Posted In: Estates, Executors On: June 21st, 2011