For many, planning an estate is a daunting task. However, it can provide peace of mind that your assets and loved ones will be cared for upon your passing. One of the most important decisions you will make during this process revolves around who will serve as the Executor of your estate. Carefully considering your options is imperative, as you’ll want to avoid having your Executor removed from the role. If you’re not sure why they may be dismissed or what to consider when choosing someone, the following blog and a Medina, Ohio estate planning lawyer can assist.
When Can an Executor be Removed?
The Executor of your estate plays an incredibly important role in ensuring your assets are distributed in accordance with the law and your wishes. As such, they have what’s known as Fiduciary Duty. Essentially, this means they are legally required to act in the best interest of your estate and the wishes you have explicated in your Will and estate plan.
One of the most common reasons an Executor is removed from their role is because they have failed to act in a timely manner. Though distributing an estate can be a complicated matter, it’s important to understand that the Beneficiaries may file a petition to have the Executor replaced if they have not received their assets in a timely manner.
Another reason for removal is that they have failed to keep an accurate log of transactions. Because the estate distribution process is incredibly complicated, Executors are required to maintain a detailed log of how the assets have moved. Failure to do so can impact the rest of the distribution process and can likely result in the removal of the executor from their role.
In serious matters, the Executor may be removed for intermingling the funds of the estate with their assets, whether intentionally or not. As the Executor, it is their responsibility to ensure they keep the estate organized. In some instances, the misappropriation of funds for their own personal gain can constitute theft.
What Should I Consider When Appointing Someone to the Role?
To ensure your beneficiaries do not have to go through the process of having the Executor of your estate removed, ensure you carefully consider your choices for who you should appoint. Generally, the most important thing you must consider is how reliable and trustworthy the individual is. Serving as the Executor of an estate is an incredibly important matter, so ensure you choose someone you trust to handle this responsibility. Your Executor should be trustworthy, organized, honest, and good with money as this can help avoid any disputes over the distribution of your estate.
Ensuring you have a trustworthy Executor can help you receive peace of mind that your estate will be in good hands following your passing. When you need help navigating this process, the team at Krause Law is ready to assist you. Connect with us today to learn how we can help you explore your options during this time.