An estate, in its simplest term, is the sum of a person’s assets – property, investments, legal rights, interests, jewelry, cash, etc. When he or she passes away, what happens to these assets?
The person’s will sets out the decedent’s wishes for how each asset is to be distributed. The will also specifies who is responsible for administering the estate and seeing that all assets are properly distributed to the right people at the right time — this person is known as the executor.
What Is the Executor of an Estate Responsible For?
An executor is in charge of making sure the deceased’s wishes are carried out exactly as they have been laid out in the will by paying creditors and applicable taxes and distributing the remaining estate assets.
How Are Executors Held Accountable?
Executors not only have a legal duty to administer the estate in good faith, but they are also required to act with the best interests of the beneficiaries and creditors of the estate. Executors must gather estate assets, pay estate debts, and make distributions to beneficiaries as expeditiously and with as little loss in value as is reasonable under the circumstances.
When Should I Sue the Executor of a Will?
If it is clear that the executor is unqualified to fulfill the role for any reason, family members of the decedent may raise an estate dispute and request that the court remove the named executor. Additionally, if you, the beneficiary of a will, believe the executor is acting maliciously or is failing to manage estate assets with care, you may be able to bring a claim against the executor for breach of fiduciary duty.
What would constitute a basis for removing an executor? Even if there is no malicious intent, the following issues may be sufficient for a court to remove an executor:
- Failure to transfer estate accounts
- Fraud or misconduct
- Endangering estate assets through bad investments
- Failure to keep adequate records
- Conflict of interest
- Hostility to beneficiaries a
- Favoritism
- Incompetence
- Failing to pay taxes for the estate
If the executor of your loved one’s estate has exemplified these activities, you may file to have the courts remove him or her and name a new executor.
Will disputes are complex and should not be handled without an experienced attorney by your side. We can help you decide the best course of action in an estate dispute. Call the attorneys at Gaslowitz Frankel today for a free consultation.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. The firm has earned a reputation for excellence across Georgia and the Southeast by providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, businesses, and securities.
