When it comes time to settle a person’s estate, the executor has a serious responsibility. If he or she makes any mistake during the probate process, it is possible for serious issues to result. Those issues could range from the executor being personally liable for correcting those mistakes to having to handle litigation from disgruntled beneficiaries or other parties.
Undoubtedly, Ohio executors want to ensure that they handle the decedent’s final affairs correctly. They may be eager to get started to ensure that they do everything properly, but being too hasty in some actions could cause problems. For instance, if the executor receives bills for the estate, such as credit card bills or utility bills, it may not be a good idea to pay those immediately. A deceased individual’s creditors have an order of priority in which they must be paid. Paying others too soon could cause financial issues for the estate.
Additionally, the executor has the duty of handling the estate and its funds properly. If the person takes estate funds and makes poor investments or mixes his or her personal assets with estate assets, those actions could constitute a mishandling of the estate. If the executor does not act within the bounds of his or her power, it is possible for that person to face personal liability for any loss of value to the estate.
Errors during probate do not just happen with executors who are acting unscrupulously. Some individuals who want to do their best with the position can still make mistakes if they do not follow the correct steps at the right time. In efforts to avoid mishaps during this process, Ohio executors may want to enlist legal support.