Being an executor or personal representative in administering an estate of a deceased person is a big responsibility and can often be rather complicated. The executor must inventory assets, notify creditors, file the decedent's final tax return and distribute any remaining property to rightful heirs.
Some common mistakes that executors make include:
-Not making enough of an effort to locate a will before claiming the decedent died intestate. The probate court will expect an executor to contact the decedent's attorney and accountant for information about whether a will was created and where it may be stored. The decedent's bank must be contacted to determine if there is a safe deposit box in which a will could be located. It is also required to do a thorough search of the decedent's home where any will could possibly be filed away.
- Another mistake that executors make is not identifying assets quickly enough and keeping them safe and protected. An executor can be held personally liable in certain circumstances if he or she is shown to have been negligent in securing assets.
-Another big mistake executors make is comingling funds. An estate account must be set up immediately and under no circumstances should the executor commingle money between that account and any other account.
- There are also many deadlines involved in the probate process and an executor should be careful not to rush through the process while also keeping in mind that the deadlines need to be met in a timely manner.
-It is also advisable to keep beneficiaries in the loop because if anyone creates legal trouble for an executor it is typically an angry or impatient beneficiary.
-One of the biggest mistakes however is simply not asking for help. Reaching out to an experienced estate administration attorney can make the difference between a smooth transaction or a lot of legal headaches. If you are appointed as an executor of a Maryland estate and need assistance, contact Stouffer Legal in the Greater Baltimore area for a consultation. We can help make the process easier and typically attorney’s fees are covered by the estate.
