When someone passes away and leaves a Will behind, it will often name someone as the Executor. This person is responsible for handling their estate upon their passing in accordance with the terms and conditions in the Will. However, if this person does not take the necessary steps to perform their duties properly, it can lead to considerable issues. As such, the following blog explores the duties of this role, what happens if an Executor fails to act, and the importance of working with a Medina County, Ohio Will preparation lawyer to explore your options when creating a Will.
What Are the Responsibilities of an Executor?
Generally, one of the primary responsibilities of an Executor is to submit a Will for Probate after the Testator, also known as the creator of the document, passes away. Probate is the process by which the court validates someone’s Will and oversees the distribution of assets.
In addition to submitting the Will to the Probate court, an Executor is also responsible for inventorying and valuing assets in an estate, notifying creditors and beneficiaries of the Testator’s death, managing accounts, paying bills and taxes, and representing the estate should any legal action arise.
What Happens if an Executor Fails to Fulfil Their Duties?
Unfortunately, when an Executor fails to take the necessary steps, it can cause considerable delays in the distribution of assets to Beneficiaries. In some instances, this can lead to legal action against the Executor. This is because Executors have a fiduciary duty, which means they are legally obligated to act in the best interest of the estate and follow the wishes of the Testator.
Typically, the first step if an Executor has breached their duties is to petition the Probate court to act. If this does not work, you can petition the court to remove this individual from the role. You also have the option of filing a civil suit for any financial damages they have caused. In some instances, an Executor can also face criminal charges if they commit fraud or embezzle funds from the estate.
Because an Executor plays a considerable role in your estate after you pass, choosing someone well-suited for this position is critical. As such, it is in your best interest to connect with an experienced attorney to help you weigh your options and determine who you should appoint to this role.
Naming an Executor can be a nerve-wracking experience, as you’ll find that this decision requires a considerable amount of trust. However, working with an experienced attorney at Krause Law can help you make this difficult decision. Our team can help you explore your options so you feel confident selecting the best person for this role. In addition, if you are a Beneficiary or have a vested interest in an estate being poorly handled, our firm can discuss your legal options. Contact us today to learn how we can assist you.
