-- First-time executors must take care to avoid missteps that could cause long-term issues, cautioned Estate Planning attorney John L. Billings.
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The Founder of The Law Office of John L. Billings, PLLC in Knoxville, Tennessee, outlined several common mistakes executors often make when handling an estate settlement.
An executor should understand that they are now acting as a fiduciary, with legal duties and responsibilities that must be properly observed.
Failing to uphold those obligations can lead to serious legal consequences, both civil and criminal. Common pitfalls include showing favoritism among beneficiaries, engaging in self-dealing, neglecting creditor notifications, becoming overwhelmed by disorganization and paperwork, or failing to seek professional guidance.
Billings explained: “Executors must recognize the weight of the role they’re taking on. Knowing the scope of their duties is critical when managing someone’s estate. And even if they’ve been named as executor, they’re not required to accept the appointment.”
He advised that executors follow a structured checklist to stay organized and ensure each step is handled correctly. This includes filing the initial petition, completing probate filings, identifying all assets, reviewing creditor claims, and paying outstanding debts and fees.
He added: “Disorganization only complicates matters — especially for the family involved. Take your time, stay methodical, and communicate regularly with everyone connected to the estate.”
Billings continued: “Estate administration comes with strict rules and procedures — from tax filings and paperwork to tracking down hidden or overlooked assets. Executors can’t favor one beneficiary over a creditor when balancing the estate’s responsibilities.”
Although the process can be demanding and emotional, he emphasized that executors shouldn’t hesitate to seek assistance from experienced estate planning attorneys, accountants, or real estate professionals when property is involved.
Billings concluded: “Qualified professionals exist to protect the estate’s best interests. Working with them — and taking a careful, thorough approach — can prevent costly mistakes and help ensure a smooth resolution.”
“Trying to handle everything alone can easily become one of the biggest errors an executor makes.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: John Lee Billings
Email: Send Email
Organization: The Law Office of John L. Billings, PLLC
Address: 4617 Chambliss Avenue, Knoxville, TN, 37919, USA
Phone: (865) 297-3015
Website: https://jblawtn.com
Release ID: 89176448
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