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First-time executors need to be wary of making mistakes that could come back to haunt them, disclosed Estate Planning and Probate attorney Joseph Whitcomb.
For more information please visit https://www.whitcomblawpc.com
The Founder of Whitcomb, Selinsky, PC in Denver, CO, highlighted several errors an executor can make when actively pursuing an estate settlement.
An executor needs to realize they are now a "fiduciary" and therefore have duties and obligations that must be legally followed.
Breaching one's fiduciary duty is a serious matter that can lead to civil and criminal problems. These include showing beneficiary bias, self-dealing, failing to update creditors, being disorganized, drowning in paperwork, and not seeking appropriate legal help and guidance.
Whitcomb elaborated: "An executor needs to appreciate what they are getting involved in. Understanding their role and responsibilities is a given if someone is to look after the estate of a deceased person. Even if someone is named an executor, they don't have to accept the nomination."
Executors are advised to adopt a checklist approach to help them stay on top of tasks and ensure nothing is overlooked. They have to file a petition, complete the probate process, establish a deceased person's overall financial picture, uncover hidden assets, assess creditors' claims, and pay any bills and fees.
He said: "Disorganization does no one any favors, least of all the person whose estate you are trying to administer. Don't cut corners. Moving slowly and cautiously will minimize mistakes you may have to rectify during the process. And keep everyone involved in the process up to date."
Whitcomb added: "There are rules and regulations to follow when administering an estate, and these run to tax filings, form filling, and tracking down assets. Rules are there for a reason, and an executor cannot look favorably on a beneficiary over a creditor when balancing the estate's administration."
"It is time-consuming and can be upsetting," but he advised executors to admit when they need to seek guidance from an experienced estate planning attorney, an accountant, and realtors if it involves property administration.
Whitcomb concluded: "Professionals are there to serve for the benefit of the estate. Engaging with licensed professionals and erring on the side of caution will prevent executors from committing mistakes and bring an estate to a satisfactory conclusion. Trying to do this on their own can be one of the biggest mistakes anyone can ever make."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Joseph Whitcomb
Email: Send Email
Organization: Whitcomb, Selinsky, PC
Address: 2000 South Colorado Blvd. Tower One, Suite 9500, Denver, CO 80222
Phone: (303)534-1958
Website: https://www.whitcomblawpc.com
Release ID: 89142719
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