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Not keeping up with estate expenses can cause serious issues

| Nov 23, 2017 | Heirs & Beneficiaries |

Estate executors have an important job to do for all people who have an interest in the estate. In Minnesota, there are many duties they are delegated to take on. When these duties are not completed, it can lead to probate complications among heirs & beneficiaries.

Heirs and beneficiaries of an estate trust that an estate administrator will do their job to keep the estate going until it is finalized for the heirs. Part of an estate executor’s job is to keep assets safe until they are turned over to the beneficiaries and this includes paying the property insurance. Other problems that may arise from an estate executor include tampering with assets or selling assets at an undervalued price. An executor also needs to pay the estate’s bills including debts, insurance, utilities, taxes, and other monthly bills.

If a family believes that the estate fiduciary has not been doing their job, including paying insurance on property, they may want to speak with a legal professional who is skilled in fiduciary litigation. An attorney can investigate the circumstances that their client brings to them and figure out if there is any wrongdoing. They can work to remove fiduciaries who are not doing their job.

Most of the time an estate executor does a good job for the beneficiaries. But, occasionally an executor needs to be removed because they are not properly performing their duties. A family has the legal right to hold fiduciaries responsible for their estate and a fiduciary needs to perform their duties ethically and in the beneficiary’s best interest.

Source: Fox Business, “Seven Tips if You Are the Executor of an Estate,” Judy Martel, June 13, 2012

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