Our article, The 8 Most Common Mistakes Executors Make…and how to avoid them, was published in the North Dallas Fall 2014 Edition of Living Well Magazine. Here is a sneak peak at 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 your 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: Too many times, family members will grab the first Will they find and take that to be “it,” without continuing their search to make sure there isn’t a later dated Will.
2. Failing to correctly identify the property as separate or community property: It is imperative that the Independent Executor correctly identify all of the assets to ensure the proper distribution is made, especially if there’s any potential conflict between any of those who receive assets per your Will.
3. Making distributions too early: Independent Executors have a tendency to want to quickly collect the assets of the estate, make distributions and be done with their job. If distributions are made too early, the Independent Executor could be held personally liable.
4. Failing to use the proper legal notices to creditors: There are legal notices that must be sent out to any creditor of the estate, and if not followed, an Independent Executor could find themselves liable for any financial harm to the estate.
To see the rest of this article, please click the link below and see page 48.