When creating your estate plan, there are many important considerations you’ll need to make to protect your assets and beneficiaries. From determining whether establishing a trust is necessary to review your life insurance policies, this process can be incredibly involved. However, there may be one thing you haven’t considered yet – who your executor will be. This is imperative, as they play a critical role in distributing your estate. Failure to carefully consider your options can result in making the wrong choice and having your executor removed. The following blog explores these matters in further detail and why working with Pennsylvania estate planning attorneys is imperative.
Why might an executor be removed from their position?
When an executor accepts their appointment to the role, they have what’s known as fiduciary duty. Essentially, this means they are legally required to act in the best interest of the estate. As such, there are several circumstances in which someone may be removed from their role as executor if they have breached the fiduciary duty expected of them as a representative of the estate.
One of the most egregious reasons they would be removed from their role is because they mix the assets of the estate with their own personal property. Even if this is accidental, it is still considered a breach of duty. Additionally, if they are discovered to have taken assets from the estate for their own gain, it can constitute theft, resulting in their removal from the role.
Another reason an executor may be removed is because they have failed to maintain accurate records of the transactions that have occurred. Because ensuring every asset is accounted for and goes to the correct party, whether that be a beneficiary, creditor, or charity, keeping detailed logs is critical. Failure to do so can result in the removal of the executor.
Finally, taking too long to administer the estate can result in removal. When the beneficiaries feel the administrator has taken too long, they can file a petition with the court. As such, the court will impose deadlines the executor must adhere to. Continued failure to do so can result in removal.Friedman Schuman Layser
What should I consider when appointing an executor for my estate?
When you begin the estate planning process, it’s important to understand that choosing an executor is one of the most important things you can do.
Generally, when considering your options for naming an executor, you’ll want to appoint someone who has the time to dedicate to this role, as it can be time-consuming. Additionally, you should choose someone who is trustworthy and organized, as you want the peace of mind that this individual will follow your wishes and keep the necessary documents organized.
Appointing an executor is one of the most important things you’ll do when creating your estate plan. As such, ensuring you discuss your options and concerns with an experienced attorney from Friedman Schuman Layser is in your best interest. Our team understands how difficult these matters can be to navigate, which is why we are committed to helping you achieve the best possible outcome. Contact our team today for more information about these matters.
