Executors are those people who are assigned to carry out all of the needs and the wishes included in the will of the deceased person.
Everything in the will must be followed. This means that these people should work very closely with the family and other people involved in the will such as the owner or manager of funeral homes and lawyers too. These people tend to be stressful due to the pressures from the families and beneficiaries of the will to hasten the execution. That is why they commit mistakes.
There are also mistakes that they execute even if they are aware that they should not be doing them. One of them involves the handling of estate money.
- Most executors use the money as if they own it.
- Some of them are caught using the money to pay off their debts and use the money for personal expenses. This is a crime similar to stealing and anyone caught doing this will definitely explain in front of court and will end up paying for everything.
Things You Ought To Know
- When it comes to the estates of a deceased person, there are taxes and fees that must be paid in order for the properties to be claimed by the beneficiaries.
- The amount of duties and costs may vary from state to state but the premise is the same.
- It is the task of the executor to settle all the taxes before distributing the estates. If they fail to do so, they might end up paying those fees personally.
- There are also executors who do the items in the will cheaply. It is understood that the initiators only want to keep the finances low but many crucial items are being neglected because of this.
The beneficiaries and the family may end up paying more because of the misses that the executor had caused. You see, the role of an executor goes beyond funeral planning. They must simply follow what the will says to avoid all possible inconveniences to occur.