The duties of an estate’s executor are crucial – how they handle their responsibilities will determine the experience of beneficiaries and other interested parties. It’s essential to communicate with beneficiaries effectively since they have a right to be reasonably informed about the estate.
This guide discusses what an executor should communicate to beneficiaries during probate:
Value of assets
The testator will have valued the assets included in the estate plan. However, asset values change over time due to changes in market demand and valuations or damages, such as wear and tear. Thus, executors are responsible for estate valuation. They should then provide beneficiaries with this information.
Debts
Even though beneficiaries may not be held personally liable for the testator’s debt, they may feel its effects. Executors should pay outstanding debts before distributing the estate. Thus, you should inform beneficiaries about the debts to pay to avoid misunderstandings. They may need to wait longer than expected to receive their inheritance, especially when handling complex debts.
Expenses
You will incur some expenses during probate. These include probate fees, payment for attorneys, appraisal fees, storage facility fees and so on. The estate should pay for these expenses. It will be best to inform the beneficiaries of the costs you cover to eliminate the chances of them accusing you of misappropriating funds.
Providing in-depth answers
Beneficiaries will contact you when they have questions regarding the estate – they may want to know when to expect their inheritance or have questions on a matter you informed them about. You should provide in-depth answers to their concerns to be on the same page.
Not communicating with beneficiaries can lead to misunderstandings. It will be best to get legal guidance throughout the probate process to make informed decisions.