Can the executor be sued?
An estate beneficiary has a right to sue the executor or administrator if they are not competently doing their job, breaching their fiduciary duties or causing financial harm to the estate.
What can an executor do if there is no estate?
If there’s nothing left after that or the liabilities of the estate exceed the assets, the beneficiaries won’t receive an inheritance. However, an executor can’t steal from the estate, refuse to communicate with beneficiaries, or needlessly delay payments.
Can a estate audit be used to remove an executor?
The estate audit is used by the heir’s attorney to show the grounds for the executor’s removal. During this hearing, the attorney for the executor will argue why the executor should remain in charge of the estate, and the attorney for the heir will argue for why the executor should be removed.
How is an executor of a will evaluated?
Evaluate the executor’s job performance by looking at the specifications in the will of the decedent. Wills involve the sale of real estate, liquidation of assets and managing bank accounts. The executor is in charge of distributing the assets based on the instructions of the will to the beneficiaries or heirs.
Can an executor delay payments to a beneficiary?
Unfortunately, the answer to this question isn’t a straightforward yes or no. An executor can delay payments to beneficiaries to pay taxes and debts on the estate. If there’s nothing left after that or the liabilities of the estate exceed the assets, the beneficiaries won’t receive an inheritance.
How to remove an executor from an estate?
File for a court proceeding to remove the executor from the estate. The estate audit is used by the heir’s attorney to show the grounds for the executor’s removal.
What can an executor do to a beneficiary?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.
Can a trustee file a lawsuit against an executor?
A failure to safeguard estate assets that causes a loss to the heirs and beneficiaries may also be a breach of fiduciary duty. The estate/trust representative must vigilantly protect both the value and quantity of estate assets. The heirs and beneficiaries damaged as a result of this breach can file a lawsuit against the executor or trustee.
What are the duties of an executor and administrator?
Executors and administrators have a duty to keep all estate assets separate and identifiable, and to account to the beneficiaries for all monies coming into and going out of their possession. For estates subject to probate, the court will not allow the process to end until a satisfactory accounting is complete.