What is fiduciary duty for an estate executor?
In a general sense, if someone has a fiduciary duty to another, it means they are expected to act in the best interests of the other party. They are not supposed to focus on their own needs or desires but must take steps to uphold the other party’s rights. In the estate planning and probate […]
When an executor breaches their fiduciary duty
Wills are a pivotal part of estate planning. However, so too are the people involved in implementing the written instructions in these documents. The person tasked with implementing a will is referred to as the executor. The executor is a fiduciary. This means that they must always act in the best interests of the beneficiaries […]
Why would a primary caregiver use undue influence?
Undue influence is a form of manipulation. An elderly person wants to write their estate plan in a certain way. Someone else uses undue influence to get them to change that plan. This is similar to drafting a fraudulent document, but the difference is that the elderly person does actually make the changes – they […]
What happens when someone leaves multiple wills?
It’s perfectly normal for people to create more than one will during their lifetimes. After all, the provisions placed in a will when someone is in their 20s or 30s may look drastically different than the provisions that person wants in their wills once they’re in their 70s or 80s. What happens, however, if more […]
Dealing with student loan debt after a loved one passes away
With student loan debt following Americans increasingly later into their lives, more families are finding that their loved ones still had student loan debt when they passed away. Different types of debt are handled in different ways after a person dies. Some must be paid by the estate or possibly even relatives, while others go […]
Do you inherit your parents’ final bills?
Your parents passed away, and they have named you as the estate administrator or executor. They did leave you a will, which is very helpful. It tells you how to distribute their assets. Some beneficiaries may already know what to expect, so you just follow the instructions and things should go relatively smoothly. That being […]
What to do if you think the executor is mismanaging the estate
Estate executors have a fiduciary duty to act in the best interests of the estate and its beneficiaries. This means handling the estate assets responsibly and according to the decedent’s wishes. However, not all executors discharge their duties by the book. Some red flags that you should be wary of during probate include unexplained delays […]
What are the common causes of conflicts among beneficiaries?
Regardless of the relationship among beneficiaries when the testator (the person who drafts a will) is alive, conflicts can arise after death. Siblings who are on good terms may disagree once the will takes effect. Below are three common factors that can contribute to such conflicts: Unequal inheritance Testators use their own criteria to distribute […]
4 signs a trustee is violating their fiduciary duty
A trustee is the person who manages a trust’s property and general finances. That’s a powerful position. As such, they have what is called a “fiduciary duty” to put the interest of the trust and its beneficiary ahead of their own. It’s sometimes difficult for beneficiaries of a trust to know when a trustee is […]
What are the fiduciary duties of an estate executor?
The role of an estate executor is a position of considerable responsibility and trust. When a person is appointed executor of an estate, they must manage and settle it. This role is governed by a set of fiduciary duties that are legally binding and designed to ensure the executor acts in the best interests of […]