When in doubt, speak to your own estate lawyer.Įd Olkovich is a Toronto Certified Specialist in Estates and Trusts Law. You may have grounds to remove or replace executors. You need your own lawyer to investigate a possible breach of trust. If executors act (or fail to act) and put estate property at risk, do not sit back. Don’t wait until you have been harmed by executor misconduct. What if the estate is at a standstill? Is the executor explaining why? You can’t obtain independent legal advice unless you hire your own lawyer. This person is not the lawyer for the estate or beneficiaries. The lawyer who probates the will is hired by the executor. Consider estate mediation to resolve disputes.Recognize signs of conflict of interest.To avoid costly mistakes beneficiaries, need to: You usually should expect an estate distribution within a year of a person’s death. Creditors and income tax bills are paid first. Estate beneficiaries can take an active role by questioning executors.īeneficiaries can’t insist on any distribution until the will has been probated. buy estate assets without express permissionĮxecutors do not have to answer every single question you have.put their interests ahead of the estate.make a profit from their position (executor compensation is not profit).delegate their personal decision-making responsibilities.Now let’s consider executors’ negative duties or things they must not do: be impartial and treat all beneficiaries fairly.keep estate assets separate from their own assets.put estate beneficiaries’ interests first.Here are executors’ positive duties or things they must do: Pay everyone – pay creditors and beneficiariesĮxecutor fiduciary duties are often described in positives (“do this”) and negatives (“don’t do that”).Probate the will – sell assets, obtain tax clearance.Protect the estate – secure and identify property.I tell executors to follow an easy-to-use mantra to administer an estate. Unfortunately, many trustees lack the skills or knowledge they need. They are required to act honestly and have duties that I will describe. They are entrusted to put the interest of the estate before their own. So here is what you need to know to protect yourself.Įxecutors are fiduciaries. I assume this decision was made with a lawyer’s help. You must respect your parents’ decision unless there are reasons not to. How can we protect ourselves?Ī: Trina, you think your parents’ estate executor may be “somewhat shady”? Is the executor bankrupt, dishonest, a criminal or incompetent? These situations all require different responses. Q: We are five kids in the family and my sisters and I think my brother, who’s the executor of my parents’ will, will find a way to take everything.
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