If you are named as the executor of an estate, you might feel honored by the appointment. That honor can turn to horror if you make a mistake that subjects you to personal liability.
Being the executor of an estate sounds a lot easier than it really is.
The executor has to figure out what the estate assets are, pay any outstanding debts and distribute the remaining assets according to the wishes of the deceased as dictated in the estate plan. While that sounds simple enough, the path to success is full of potential pitfalls.
This was the message of a recent Wall Street Journal article entitled “The Biggest Mistakes Executors Make.”
The article lists the following common mistakes made by executors:
One way executors can avoid these mistakes is to hire an experienced estate attorney to help settle the estate. It is not a good idea for non-professionals to try to do it on their own.
Reference: Wall Street Journal (Jan. 31, 2016) “The Biggest Mistakes Executors Make“
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