If a loved one has asked you to be their estate administrator (personal representative) – also known as an executor – be aware that the role comes with a great deal of responsibility. While you may consider it an honor to be asked, and you will also be entitled to reasonable financial compensation for your work, it can also be a difficult job to fulfill. You could even face legal penalties if you do not take your responsibility as an estate administrator seriously. At Slutsky Elder Law, we have assisted countless clients in the estate administration process; here are the most common mistakes we see executors making:
Top 5 Estate Administrator Mistakes
- Missing Important Deadlines
Before the assets in an estate can be disbursed, they must first go through the probate process. There are a number of important deadlines associated with probate. If you miss any of them, it could affect your authority to administer the estate or subject you to penalties, fees, and interest. For example, in Pennsylvania, you must provide a notice of estate administration within 3 months of the time a grant of letters is issued. If you miss this deadline, you could lose your right to administer the estate.
- Failing to Secure Assets
When you are made the executor of an estate, one of your responsibilities involves securing the estate’s assets so they don’t lose value or incur fees. For a physical asset like a house, you might need to maintain it and prevent it from being damaged until it is bequeathed to an heir. You may also need to pay taxes or bills to prevent the estate from incurring unnecessary charges.
- Not Taking a Proper Inventory
Administering an estate requires knowing all the assets contained in that estate. Certain assets will need to be distributed after probate, but others may need to be sold to cover the estate’s debts or to be distributed among beneficiaries.
- Distributing Assets Before the Proper Time
After a loved one’s death, some beneficiaries may be eager to receive their portion of the inheritance. Don’t let this lead you to distribute assets without assuring all debts have been paid and all necessary parties have been notified and any concerns addressed.
- Not Following the Terms of the Will
A will expresses the final wishes of your loved one. Not only would straying from those wishes be disrespectful, it would also be a violation of your fiduciary duty to the estate and its beneficiaries.
Estate Administration Attorney in Pennsylvania
If you have been named as the executor of a loved one’s estate, Robert Slutsky, Esq. is the right attorney to advise you. Now that you understand the serious legal consequences of making any mistakes during the estate administration process, you can see how important it can be to get the right legal advice.
Don’t attempt to administer an estate on your own; call Slutsky Elder Law right away if you need probate lawyers in Montgomery County, PA, or surrounding counties, call (610) 940-0650 or contact us to request a consultation.