The Executor of an Estate is the person named in the Decedent’s will to bear the fiduciary responsibility of carrying out the wishes of the Decedent as described in their will. Typically the Executor of the estate is a family member or some other person close to the Decedent, and that family member can be left with much on their plate depending on how much planning was done prior. In order for an Executor of an Estate to be validly appointed, they need to file a Petition for Probate and be appointed by the court.
The Executor carries out many tasks following their appointment, including paying off creditors, filing final tax returns, and issuing notices of death. Typically when one has a will, the deceased names an executor of an estate. However sometimes the person named in the will is deceased or does not want to serve, and sometimes the Decedent has no will at all. In those cases, a judge names someone to this role. Rather than being called an “Executor,” however, this person is called either an administrator or personal representative.
Executors must do what is in the Estate’s best interest. They cannot prioritize their own interests over those of the Estate. They cannot override the will, refuse to pay creditors that are legitimate or withhold the inheritance of a beneficiary. Court supervision of the probate process ensures faithful execution of the Executor’s duties and responsibilities.
An Executor may not take money from the estate or make any beneficial distributions, or pay themselves for their duties before all necessary steps have been completed in the probate administration and an order is issued by the presiding judge. Additionally, the Executor cannot sell assets of the estate for less than market value. The Executor is also not allowed to sell themselves assets for less than their worth, called self-dealing.
There are many crucial duties when serving as the Executor of an Estate, and if not carried out properly, the individual serving in that capacity will be subject to legal repercussions. Representation by competent counsel is critical, and the payment of legal fees in the representation of an Executor comes from the Estate itself.
At Tresp Law, APC, we have expertly handled hundreds of probate administrations, expeditiously. Additionally, we are experienced litigators representing countless beneficiaries and fiduciaries in contested probate cases. Understanding the issues that lead to litigation puts us in the best position to ensure our clients avoid contests.
Call Tresp Law, APC today at (858) 248-2779, or click below to schedule a consultation.
