Managing the estate of someone who has just passed away is an honor, but also a weighty responsibility.
Personal representatives (executors) are responsible for settling or administering the decedent’s estate correctly and fairly. While essential, this process can be fraught with complications. Knowing what to expect can increase your confidence and prepare you to handle issues that may arise.
Paperwork and deadlines
Navigating the sea of required paperwork and meeting strict deadlines can overwhelm even the most organized person. Personal representatives must handle documents like probate petitions, creditor claims and tax filings. Missing deadlines can result in delayed distributions to beneficiaries while introducing the risk of will challenges or estate litigation.
Family disputes
Unfortunately, family conflicts often arise during the administration of an estate. Disagreements over asset distribution, perceived unfairness or the validity of the will can create rifts among loved ones. Such disputes can leave personal representatives with the stressful task of managing disputes before they can become an official legal problem.
Estate assets
A critical task involves identifying, securing and managing the estate’s assets, which can be complex and demanding. This includes everything from real estate to personal belongings to investments and financial accounts. Ensuring that assets are maintained and distributed properly can be daunting, and representatives face legal risks if accused of mismanaging estate assets.
Creditor claims and debts
Part of an executor’s duty is resolving any outstanding debts or claims against the estate. This requires careful review and validation of creditor claims and negotiating or paying off debts. Failing to properly handle these obligations can lead to legal issues and affect the estate’s overall value.
If you are facing challenges as a personal representative, consider seeking legal guidance to help lower the risk of becoming involved in estate litigation.
