An executor holds a crucial role during probate, given they are in charge of handling the estate’s assets before distributing them to the intended parties. Unfortunately, not all executors perform their duties properly.
As a will beneficiary, looking out for potential executor misconduct and taking the necessary action is essential to protecting your inheritance. Here are some common examples.
1. Self-dealing or conflict of interests
Sometimes, an executor may take advantage of their position for personal gain. It could be selling estate assets to themselves at below-market prices or paying themselves excessive fees for their services. This is a breach of their fiduciary duty, as an executor must act in the best interests of an estate and not their own.
2. Failure to communicate with beneficiaries
An executor must keep beneficiaries informed about the progress of probate. This involves providing regular updates on asset inventories, payments and any significant decisions. If an executor keeps stonewalling or ignoring requests for information regarding the process, it could be a sign of underlying issues, and it’s best to raise the alarm before the situation escalates.
3. Delays in settling the estate
Probate takes time, but an executor should not unnecessarily delay the process. Prolonged delays without plausible explanations could signal poor management or intentional mishandling of the estate. It might be worth looking into their actions if you notice constant delays.
4. Mismanagement of estate assets
An executor should not mismanage funds or allow assets to deteriorate, as it can result in financial loss to the estate and its beneficiaries. If you notice the executor is failing to maintain property, neglecting to pay bills on time or allowing valuable assets to lose value, it could indicate mismanagement.
Swift action can make a huge difference in holding an errant executor accountable and recovering the estate’s losses. Do not wait until it’s too late; the longer misconduct goes unaddressed, the harder it may be to resolve. Seeking early qualified guidance ensures you understand your options and safeguard your interests throughout probate.