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What If A Personal Representative
Does Not Perform Their Duties Properly?
The tasks involved with dealing with a will
can often be difficult and time-consuming.
You may feel obliged to act as personal representative
if you are named as an executor on the will;
however, you must remember that as the executor
you will be fully responsible for all issues
from determining the deceased’s assets to
filing and returning tax returns and checking
the validity of claims made against the estate.
This makes dealing with a will a very difficult
process to fit in to your usual routine, especially
if you work long hours, have kids to look
after or have a lifestyle that affords you
very little time to allocate elsewhere.
This could result in mistakes being made in
your capacity as executor or personal representative
of the will, and the financial costs of these
mistakes could end up coming out of your pocket.
Being the executor of a will is a major responsibility
and one that has to be taken extremely seriously:
Because it is your duty to act in the best
interests of the estate at all times, you
are expected to put the estate and your dealings
with the will above all else. Therefore, it
is extremely important that you give this
job careful consideration before you agree
to be the personal representative. Of course,
you can resign from the job even after you
have agreed, so if you initially think that
you can do the work involved but then find
that it is far more time-consuming and difficult
than you expected, it is a good idea to speak
to the courts and hand the job over to someone
else. This could be the second named executor
on the will, or if they are unwilling or unable
to take on the work the court will appoint
their own executor.
As the personal representative you are held
personally responsible for the estate, liabilities
and legal aspects of the deceased’s will.
You must therefore prioritize on your duties
as executor and must put all of your efforts
in to this work. This is not a responsibility
that should be taken lightly, nor one that
can be treated as unimportant.
You will be expected to exercise the utmost
care and attention when dealing with the assets
and liabilities of the decedent, and basically
you will be required to treat them as your
own. You will assume responsibility for everything,
from the payment of taxes and creditors to
dealing with legal matters and maintenance
of the deceased’s estate and assets. Getting
maximum return and dealing with the payment
from investments is another responsibility,
and you are expected to be extremely vigilant
with regards to payment being made from the
estate.
For matter such as overpayment to creditors,
fines for late return of taxes, unclaimed
dividends which may then expire and any other
matter than has an adverse financial effect
on the estate, you could be held personally
responsible and accountable, and you may be
expected to cover the loss yourself.
All About Wills
What If Someone Contests a Will?
What Warrants a Valid Will Contest?
What Are the Legal Requirements for a Will?
What is Probate?
Is Probate Necessary?
Can Probate be Handled Without Using the Services of an Experienced Probate Lawyer?
Who is Responsible for Handling the Probate Process?
What Does the Personal Representative Do?
Does the Personal Representative Get Paid?
What If a Personal Representative Does Not Perform Their Duties Properly? |
