Errors committed by first-time executors could come back to haunt them, Bobbi L. Thury, co-founder of Sioux Falls Legacy Law Firm, P.C., warned this week. —
For more information please visit https://www.legacylawfirmpc.com
Taking time from her busy schedule, Thury explained the many mistakes that can occur to an executor when they are actively pursuing an estate settlement.
These include showing beneficiary bias, failing to update creditors, being disorganized, drowning in paperwork, and not seeking appropriate legal help and guidance.
Thury added: "An executor should first understand what they are getting into. Understanding their role and responsibilities is a given if someone is to look after the estate of a deceased person."
Executors will 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 off any bills and fees.
"It is time-consuming and can be upsetting. But even if they are the named executor, they don't have to accept the nomination," Thury said.
The attorney advised executors should admit when they need help, and seek guidance from an estate planning attorney, an accountant, and realtors if it involves property administration. "Professionals are there to serve for the benefit of the estate and work with them."
Executors are advised to adopt a checklist approach to an estate to help them stay on top of tasks and ensure nothing is overlooked.
"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. Keep everyone involved in the process up to date."
Thury added: "There are court 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 can't look favorably on a beneficiary over a creditor when balancing the estate's administration.
"By engaging with a licensed professional and erring on the side of caution will prevent executors from committing mistakes and bring an estate to a satisfactory conclusion."
Name: Bobbi L. Thury
Email: Send Email
Organization: Legacy Law Firm, P.C.
Address: 7404 Bitterroot Pl, Sioux Falls, SD 57108
Source URL: http://RecommendedExperts.biz
Release ID: 89047362