When a Nevada resident is appointed an executor of a family member’s will, it may seem like the to-do list is endless. Most of the time attorneys and a team of advisors, including insurance experts and accountants, are involved. They are helpful in prioritizing tasks that need to be accomplished.
One mistake that executors of wills often make is thinking that they are all powerful. A deceased family member may have appointed this individual as the executor, but this does not mean that a power trip is necessary. It is not wise to take on the job if a person will not be able to remain somewhat humble or will allow past family issues to resurface as they are carrying out important probate and estate administration tasks.
It is never wise to ignore the beneficiaries. They are not going to go away. Additionally, it is not a good idea to favor one beneficiary over others. An individual who is appointed as an executor has a fiduciary obligation to each one of them. It is possible that doing this would cause problems and eventually get the executor removed by a probate court.
An executor is personally liable depending on their actions or inactions. For example, if things do not go well with the estate, a person could be held personally liable and would need to use their own assets to fix any damage that was caused.
An individual who is appointed an executor of a family member’s estate may feel overwhelmed at the number of tasks that need to be accomplished. Working with an attorney who has experience in probate and estate administration might be helpful. The lawyer may provide advice on things like distribution of assets, wealth protection, and more.