As your loved ones appoint an executor, they should know that there are specific duties that an estate fiduciary needs to uphold. However, not all executors fulfill these duties to the extent that they should.
If you have fallen into a situation where you feel you can no longer trust your executor, this article is for you. Continue reading below for three red flags that should immediately signal it’s time for legal help:
The Role of An Estate Fiduciary
When it comes to administering an estate, an executor is the one who’s responsible for carrying out the terms of a will and the distribution of the estate. In legal terms, all executors are considered fiduciaries, as they are trusted with handling the assets of the estate for the creditors and beneficiaries. Because of this designation, executors must act in the best interests of the estate and its beneficiaries.
Related Article: What Counts as a Legal Fiduciary Relationship?
The Worst Things An Executor Can Do
While most executors can be trusted to execute their duties to the best of their ability, some are ill-suited for the role and, whether through neglect or intent, cause damage to the estate.
Here’s a closer look at some of the worst actions an executor take to jeopardize the estate and cause harm to beneficiaries.
Misappropriation
The first red flag to look out for is misappropriation. This occurs when an executor intentionally uses the estate for personal gain. Misappropriation can come in many forms, including embezzlement, unauthorized loans, or using estate funds for personal expenses. This not only violates the executor’s fiduciary duty but can also result in significant financial losses for the estate and its beneficiaries.
Neglect
Neglecting the responsibilities of an executorship is another major concern that shouldn’t be taken lightly. Executors are required to handle estate affairs in a timely and efficient fashion. Failure to do this can lead to delays, increased expenses, and disputes among beneficiaries. Examples of neglect may include actions like failing to file necessary documents or delaying the distribution of assets.
Waste
Executors also have a duty to preserve estate funds. Even if it’s not for personal gain, the improper spending of estate assets by an executor can easily be grounds for a lawsuit. Anything from reckless investments to unnecessary expenditures or causing the estate to incur tax penalties may be a breach of fiduciary duty if the executor’s actions were not justified.
Related Article: When You Need a Trust Litigation Attorney in Georgia
Need Estate Fiduciary Help? Connect With Gaslowitz Frankel.
If you believe your estate fiduciary has met any of the criteria above, you may have grounds for a legal case. The team at Gaslowitz Frankel is here to help. Contact us by filling out our contact form for a free consultation about your case.
