Suppose you are an estate beneficiary who was left a percentage share of an estate, but because the executor is not communicating with beneficiaries about the value of the estate, you are in the dark about how much your inheritance will be.
You have asked the executor on multiple occasions for information about the value of estate assets, but the executor has failed to heed any of your requests. This has caused you to believe the executor may be mishandling the estate; however, you’re unsure how to prove it.
If you’re facing a similar issue, it’s natural to feel frustrated by the executor’s lack of cooperation, but luckily, there are solutions to this very common problem.
Personal representatives (i.e., executors and administrators of the estate) are required to provide beneficiaries and other interested parties (i.e., persons or entities with a financial stake in the estate) with financial information about the estate they are overseeing. Without this important information, interested parties won’t have what they need to enforce their rights.
That said, interested parties shouldn’t immediately jump to the conclusion that administrator or executor misconduct may be involved if the personal representative isn’t complying with their duties. After all, they may be a first-time personal representative and not fully understand what their duties are. But sometimes, a lack of compliance can be a red flag.
For example, perhaps an administrator used estate assets to provide themselves with a personal loan without telling anyone or having permission to do so. If they were to account to the heirs of an estate, they would be more likely to get caught, or, at the very least, raise suspicion among the heirs.
Personal representatives are appointed to manage estates for the benefit of beneficiaries and heirs during the estate administration process. In other words, if they are diligently and ethically doing their job, they should not be at conflict with the beneficiaries and heirs, but rather be their allies.
Unfortunately, when personal representatives disregard the responsibilities they’ve been given or prioritize their own best interests over those of the beneficiaries and heirs, it can leave beneficiaries and heirs with no choice but to seek legal recourse.
In this article, you will learn about the legal remedies that are available to you as a beneficiary or heir when a personal representative fails to fulfill their duty of providing estate accountings to you. Continue reading to discover what estate accounting is.
