Executors have a legal responsibility to act in the best interests of the estate beneficiaries and can be sued if they fail to do so.
Important things to know:
-Do not commingle your personal assets with the estate assets.
-Make sure to open a separate estate account to deposit assets of the estate and pay the bills of the estate.
-Before purchasing an item from the estate for yourself, make sure you are paying the fair market value of the item.
-Keep the lines of communication open with the beneficiaries so that they know and understand the process. Send regular updates.
Serving as an executor can be burdensome and complex. Often a lawyer is necessary to help you through the process. Don’t take the burden alone, contact Feldman Law Offices for the invaluable guidance you’ll need in the process.
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Please note: The hiring of an attorney is an important decision that should not be based solely on advertisements. Further, prior results do not guarantee a similar outcome. The laws change. Each case is different. This blog and website is designed for general information only. The information presented on this site is neither formal legal advice nor the formation of a lawyer/client relationship.