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8 Most Common Mistakes Executors Make - Living Well Magazine


Posted on Dec 01, 2014

We are very proud to be featured in North Dallas LIVING WELL Magazine’s November 2014 Digital Newsletter. Please enjoy this excerpt from our article.

The 8 Most Common Mistakes Executors Make…and How to Avoid Them

There are many thankless jobs out there, however one such job that people truly don’t understand until they are thrust into it is the job of an Independent Executor.

As you review or contemplate preparing your Will there are many things you must consider. Although an extremely important part of your Will is to determine who you want to receive your assets, in many instances an even more important consideration that must be made is who to appoint as your Independent Executor. Your Independent Executor is responsible for collecting all of you assets and properly distributing them. Sounds pretty easy, right? WRONG! Below are 8 of the most common mistakes your Independent Executor can make.

1. Filing the wrong Will;

2. Failing to correctly identify the property as separate or community property;

3. Making distributions too early;

4. Failing to use the proper legal notices to creditors;

5. Failing to properly identify exempt property;

6. Paying creditors too early;

7. Failing to properly and timely file the 706 Federal Estate Tax Return;

8. Failing to keep beneficiaries informed.

 

For the entire article, please click below.

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