Upon an individual’s demise, should a Will be in existence, an Executor is typically designated to administer the estate in accordance with the Will’s specific instructions. Nevertheless, significant difficulties may emerge if the Executor neglects to fulfill their obligations. Please continue reading as we explore the responsibilities of an Executor, the potential repercussions of their inaction, and the importance of engaging a dedicated Washtenaw County Estate Planning Attorney for guidance.
What Are the Duties of an Executor?
An Executor, also known as a personal representative, is an individual tasked with managing and settling a deceased individual’s estate according to their Will. This involves collecting the deceased’s assets, paying outstanding debts and taxes, and distributing the remaining assets to beneficiaries.
One of the primary duties of an Executor is filing the Will for Probate after the demise of the Testator (creator of the Will). Probate constitutes the legal procedure through which the court authenticates a person’s Will and supervises the allocation of assets.
Beyond the submission of the Will to the Probate Court, an Executor is legally obligated to act in the best interests of the estate and its beneficiaries. It’s important to understand that an Executor’s role can be time-consuming; you must carefully consider who should be appointed to this position.
What Happens if an Executor Fails to Fulfill Their Responsibilities in Michigan?
If an Executor fails to act in Michigan, it can result in various problems for the estate and its beneficiaries. If they fail to fulfill their duties, the estate’s administration can be significantly delayed. Depending on the unique circumstances, this can result in legal action. This is because the Executor has a fiduciary duty to act in the best interest of the estate and adhere to the Testator’s wishes. If the Executor’s actions or inactions lead to harm to the estate or its beneficiaries, they may be held accountable. You should note that poor management or failure to safeguard assets can also lead to financial loss for the estate.
Generally, beneficiaries can petition the Probate court to remove the Executor. In cases involving serious misconduct, like theft or fraud, an Executor may face criminal charges for resulting losses. Given the significant responsibilities that accompany this role, selecting an appropriate individual for this position is paramount. Consequently, it’s advisable to consult with an experienced attorney.
At Collis, Griffor, & Hendra, we are prepared to assist you in evaluating potential candidates and making informed decisions regarding this appointment. Additionally, if you are a beneficiary concerned about the mismanagement of an estate in which you have a vested interest, our firm is ready to help you. Connect with our firm today to schedule a consultation.