What happens if an executor breaches her fiduciary duty?
When an executor breaches her fiduciary duty, you can sue her by filing a lawsuit for damages in civil court. You must establish that she does indeed have a fiduciary responsibility to the estate – she’s accepted the position of executor and this should be clearly confirmed by court documents.
What are the worst mistakes an executor can make?
And worst of all, executors can be sued. Here are some of the biggest mistakes executors want to avoid: Often an executor will start receiving the deceased’s mail and paying credit-card bills and other invoices as they arrive, says Debra Doyle, shareholder at the law firm Greenberg Traurig in Chicago.
Can a court remove an executor from an inheritance?
The court can also remove the executor or prevent the executor from receiving a fee. Also, remember that you have the right to go to the police if you believe that the executor is stealing or breaking the law in some other way. Executor Withholding Inheritance Is an executor withholding your inheritance?
What should an executor of an estate be careful about?
Before authorizing any improvement, the executor needs to consider whether he or she is authorized to spend estate assets to make such improvements. Executors also should be careful not to hold on to a house for too long. Insurance companies don’t like to insure empty houses for extended periods, Doyle says.
What to do when your brother is executor of mother’s estate?
Signing release forms at the end of this process is also pretty standard, but your brother needs to be transparent with all the transactions related to your mother’s estate. Have your own estate attorney look over the document, if you must.
What was the executor fee for my parents estate?
We also discovered from the letter that my brother took an executor fee of $20,000. The entire estate, once settled, will be about $600,000. My question is regarding the executor fee. Is that a standard practice? How do you determine the amount? I don’t dispute my brother worked very hard to settle my parents’ affairs.
Can a court appointed executor of an estate have no control?
Not all assets are under the control of the executor. The executor of an estate, after being appointed by the court, only has control over assets called “probate assets.” There usually exists “non-probate assets” over which the executor has no control.
Can a real estate executor control real estate?
Therefore, the executor does not have the right to exercise control over real estate, although it often happens. You need to consult with your attorney to gain a clear understanding of where the boundaries are for the authority of the executor.