Big Executor Mistakesby Robert Kulas (Robert J. Kulas, P.A.)
As an estate executor, you have the legal power to manage a deceased person’s property and redistribute that property to new owners. With this power, state probate laws impose specific responsibilities as well as limitations. If you violate these state restrictions you may face personal liability as an executor. You should always have a probate attorney who can advise you about your estate administration options, and always remember to never act inappropriately. Here are two big mistakes that executors should never make.
Mistake 1: Use of estate funds for personal efforts.
Executors have a duty to the estate to manage property responsibly. You cannot use estate money for personal reasons in any situation. Even if you believe you are only borrowing the money and fully intend to repay it, this is still a serious mistake to make. If you ever use estate funds for any purpose, it’s always a good idea to consult your probate attorney first to ensure that the use is allowable under the law.
Mistake 2: Distributing assets to early.
Even if you know the estate is well-funded and has far more assets than it has debts, it is a mistake to distribute property to beneficiaries before you are ready. You must always wait the prescribed time required by the state before you begin distributing assets. This means you must give potential creditors enough time to file a claim with the estate before you hand out property to beneficiaries.
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL. To learn more about these free resources, please visit www.kulaslaw.com today.