Leading estate planning lawyer Guy B. Garner, III, Senior Attorney at Haiman Hogue in Arlington, TX, explains costly mistakes that an executor could make which can be easily avoided. For more information please visit https://www.haimanhogue.com
Arlington, TX - March 7, 2023 —
Texas Senior Attorney Guy B. Garner has urged first-time executors to be wary of making mistakes that could come back to haunt them.
For more information please visit https://www.haimanhogue.com
During an interview this week, Garner of Arlington's Haiman Hogue, PLLC, highlighted several errors an executor could make when administering an estate and actively pursuing an estate settlement.
An executor needs to realize they are now a "fiduciary" and have legal duties and obligations they must follow. Breaching a fiduciary duty is a serious matter that can lead to both civil and criminal issues.
These could include showing beneficiary bias, self-dealing, failing to update creditors, being disorganized, drowning in paperwork, and not seeking appropriate legal and financial help and guidance.
Garner elaborated: "An executor needs to appreciate what they are getting involved in. Understanding their role and responsibilities is a given if someone is to look after the estate of a deceased person. If someone is named an executor, they don't have to accept the nomination."
Executors are advised to adopt a checklist approach to keep them on top of tasks and ensure nothing is overlooked. They must hire a professional probate attorney who will assist them in filing a petition, complete the probate process, establish a deceased person's overall financial picture, uncover hidden assets, assess creditors' claims, and pay bills and fees.
He said: "Disorganization does no one any favors, least of all the person whose estate you are administering. Don't cut corners. Moving slowly and cautiously will minimize mistakes you may have to rectify during the process. It is very important that the executor also keep everyone involved in the process up to date."
Garner added: "There are rules and regulations to follow when administering an estate, and these run to tax filings, form filling, and tracking down assets and debts. Rules are there for a reason, and an executor cannot look favorably on a beneficiary over a creditor when balancing the estate's administration. It is time-consuming and can be upsetting."
But he advised executors to admit when they need to seek guidance from an experienced estate planning attorney, an accountant, and realtors if it involves administering real estate.
Garner said: "Professionals are there to serve to the estate's benefit. Engaging with licensed professionals and erring on the side of caution will prevent executors from committing mistakes and help bring matters to a satisfactory conclusion. Trying to do it alone can be the biggest mistake of all.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 469-529-5502
Website: https://www.haimanhogue.com
Release ID: 89091242
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