Being appointed an executor of an estate is a tall task for most, particularly when the person who has been appointed is new to the role. As a result, there are a number of traps that an unwary executor might fall into as they attempt to navigate the often difficult world of estate administration. The first hurdle often faced is certifying the qualifications of the appointed individual to the court. In addition, many executors only send notice to beneficiaries in a will although they will need to contact heirs not named in the will as well. Keeping all estate assets separate from the executor’s is a must and can be accomplished by creating bank accounts solely for the use during administration. Lastly, every executor should keep records with the greatest detail that is possible. Having a paper trail can save an individual from much grief in the event an interested party challenges the executor’s actions. While this is not a complete list of the potential problems faced by an executor, it is at least a starting point when it comes to avoiding the pitfalls of estate administration.
See, Common Pitfalls Made by Executors of Estates, The National Law Review, May 13, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
