Suing An Estate Executor With No Money In Orange
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This is because as a trustee, on behalf of a charity, you enter into contracts in your own name. If the contract is breached you may be held to be personally liable and your own personal assets may be at risk.
Administering an estate or trust can be a lengthy and complex process, often taking months or even years to complete. This responsibility may require a significant time commitment, which can be particularly challenging if you have a full-time job or other personal obligations.
Liability when an executor makes a mistake Unfortunately, a genuine mistake can sometimes snowball into a much bigger and often expensive problem that can be very complicated to resolve. The executor of an estate can be held personally liable for a mistake that results in a loss to the estate.
Options to take action. If you think an executor isn't being honest or is otherwise acting improperly, there are steps you can take. First, try to resolve the problem directly with them or their lawyer. If this doesn't work, you may want to seek legal advice.
An executor is also responsible for dealing with the deceased's financial liabilities. This includes dealing with the income tax position of the deceased from the date of death to the end of the administration period, as well as any capital gains tax liability on the disposal of assets.
Removing A Person You Don't Trust as Executor Because of this risk, beneficiaries should not hesitate to request the removal of an executor if there is true mismanagement of the estate. If an executor breaches their fiduciary duty, they may be subject to serious financial and legal ramifications.
There is no set time for an Executor to complete the estate administration process, but there is a deadline when it comes to inheritance tax and an order that must be followed when settling an estate.
