If you have been named the executor of a loved one’s estate, you could have many different questions. Moreover, there are a number of responsibilities you should be aware of and it is important to make sure that you take care of these obligations. Sometimes, unforeseen hurdles can also arise, such as a dispute which involves your family members and beneficiaries. For example, you may be accused of the breach of your fiduciary duties and this could have a significant impact on your life. Preventing these problems is vital and it is also crucial to handle them properly in the event that they surface.
There are various motivations behind someone’s decision to accuse an executor of wrongdoing, some of which may be entirely fabricated. For example, a beneficiary may be unhappy about how the estate was distributed and believe that their rights were violated. Or, they may knowingly accuse an executor of the breach of fiduciary duties in an attempt to get revenge or gain access to assets that they are not supposed to receive.
It is imperative to handle these disagreements appropriately, especially if they involve family members and others who are close to you. Sadly, many relationships between parents, siblings and extended family members have been shattered over estate plan disputes. Worse, those who set up an estate plan may have no idea that such a dispute will arise and that their will or trust would be at the center of so much hostility. As an executor, it is crucial to understand your responsibilities and your rights.