If the executor of an estate does not do certain things, then he or she can get in trouble. However, there are other things that can lead to trouble if an executor does do them.
It is relatively easy for the executor, also known as the personal representative of an estate, to learn about his or her responsibilities in that role. Most instructional guides are written in the positive and outline the steps that should be taken.
That can leave a lot of important information out, however, if the executor is not also given advice about what to avoid doing during the process.
Recently, the Wills, Trusts & Estates Prof Blog published a list of some of thing things that should not be done in an article titled, "Seven Things Personal Estate Representatives Should Avoid Doing."
The list includes:
- Distribute Assets Early - Do not distribute any estate assets until all assets and potential debts are accounted for.
- Use Estate Assets for Personal Issues - This will lead to having to pay the estate back at best and criminal charges at worst.
- Ignore Taxes - Make sure all applicable taxes are paid.
- Disobey Court Orders - If the judge in the case tells you to do something, you must do it.
- Distribute Assets Before Paying Bills - Pay the estate's liabilities before distributing anything to heirs.
- Ignore Claims Against the Estate - Creditors cannot be ignored unless a court says to do so.
- Proceed Without an Attorney - Having the assistance of an estate attorney is the best way to make sure that everything is done properly and that mistakes are not made.
That last point is essential to steering clear of missteps. For more information on this and other elder law and estate planning subjects, contact Idaho Estate Planning and schedule a consultation. Remember, good planning is no accident.