When a loved one passes away, the last thing you want to worry about is whether the person in charge of settling their estate is doing their job correctly. Unfortunately, executor misconduct is more common than you might think.
As someone planning for the future and wanting to ensure their estate will be in good hands, you need to know what can go wrong to protect your loved ones. In this blog, we’ll list examples of executor misconduct to help you keep your estate safe and secure.
Spotting executor misconduct
Executor misconduct can take many forms, but ultimately, it’s about putting personal interests ahead of the deceased’s final wishes and the well-being of the estate’s beneficiaries. Here are three examples of executor misconduct that can have serious consequences:
- Misusing estate assets: One of the most egregious forms of executor misconduct is misappropriating estate assets for personal gain. It can take many forms, including using estate funds to pay off debts, investing in personal projects or even transferring assets into their own name.
- Ignoring instructions: An executor’s primary duty is to carry out the specific instructions in the will. However, some executors may fail to distribute assets according to the deceased’s wishes, either intentionally or through negligence. This error can lead to beneficiaries receiving less than they’re entitled to or even being entirely cut out of the will.
- Lacking transparency: Executors have a legal obligation to provide accurate and detailed accounting records of all transactions related to the estate. However, some executors may fail to keep proper records, making it difficult or impossible for beneficiaries to track the estate’s assets and expenses. The lack of transparency can lead to suspicions of misconduct and even legal disputes.
These examples of executor misconduct highlight the importance of choosing a trustworthy and competent executor. They must also be committed to carrying out the deceased’s final wishes.
Safeguarding your estate
If you’re not sure how to create a secure plan for your estate, think about talking to a lawyer who has a lot of experience. They can walk you through the legal steps and help you decide if an executor is right for you.