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Executor responsibilities

A Nevada resident might find it appropriate to keep end-of-life matters in the family, and an appointed executor under a will in such a case could be one of the heirs as well. In such a situation, an executor can be in a delicate position because of the interest in the estate. A parent may have appointed a child to handle the estate fairly, but this could put the other heirs at a disadvantage if they are not sure of the value of the estate.

Some of the main responsibilities of an executor include creating an inventory that details assets in an estate. This should provide information about value, and it should cover matters such as expenses, sales of items, and other cash movement that takes place prior to disbursement of assets. Failing to provide the relevant information to heirs in a timely way could create legal problems for an executor. People who are both an executor and an heir have fiduciary responsibilities to the other will beneficiaries.

An individual who is concerned about the inappropriate handling of an estate in which they have a stake might find it necessary to discuss the situation with a lawyer. Failure of the executor to provide the appropriate tax documentation, for example, could create difficulties in filing a tax return. Additionally, a lack of complete information could affect financial decisions for an individual who is entitled to a share of an estate.

Professional estate planning could be helpful for parents who want to avoid a will contest. An estate planning lawyer might suggest that a client who has several children look elsewhere for an executor who has no conflict of interest.

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