Executors and administrators: Avoid these common mistakes to reduce your personal liability!
Executors (those named in a will to deal with an estate) or administrators (not named in a will but have the legally granted right to deal with the estate) have a lot of responsibilities. They need to follow the deceased’s wishes if they are known, close out accounts, pay bills, and deal with distributing the estate to beneficiaries who, during difficult times, may not always be cooperative. Rarely discussed but highly important, personal liability is the biggest risk faced by an executor or administrator dealing with an estate; it can result in long, drawn-out court battles or bills that can potentially trump the estate’s value and cost the executor personally.
Understanding the most common pitfalls means less frustration for executors or administrators and beneficiaries, who likely all want the estate to wrap up with the least amount of hassle and heartache. Popular author and Senior Wills and Estate Planner Lynne Butler offers some tips on what to avoid in How Executors Avoid Personal Liability, the latest in her series of estate-planning advice books. Executors, administrators, and even beneficiaries will find this book useful, when they want to better understand how an estate is dealt with; what executors, administrators, and beneficiaries can and cannot legally do; and how to avoid the most common mistakes made by executors to reduce the risk of personal liability.
|Subtitle||A handbook for executors and beneficiaries|
|Publication Date||Apr 15, 2014|
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|Size||8 x 10|