Executor of the Estate: what not to do
Without discussing the matter with a probate lawyer and receiving pre-approval, the executor of the estate should refrain from any of the following activities:
- Dispose of any asset held by the decedent's estate.
- The executor of the estate should not give beneficiaries items mentioned or bequeathed to an heir under the will.
- The executor of the estate should not lend an asset (including vehicles) to an heir, friend or family member.
- Refrain from allowing anyone to live in any residence or property of the decedent without receipt of rental income based on fair market rent. (an exception to this rule, is when a person has an rental agreement prior the decedent's death).
- Gift an asset to an individual, charity, or institution.
- Enter into a rental agreement of estate owned property.
- The executor of the estate should not negotiate regarding a debt or liability of an estate.
- Complete a sale or purchase of common stock, bond, real estate or other asset.
- The executor of the estate shall not deposit an asset owned by the decedent in their personal checking or banking account or mix estate assets with the executor of the estates.
- Finally, the executor of the estate should not take any actions without the approval of co-executors or other representatives appointed by the court.
Executor or Estate: Why you need a probate attorney
|
Executor of the Estate:
Resources and Topics
Frequently asked Questions
Why you need a probate attorney
Risks of serving as a executor of the estate
Executor of the Estate: Vocabulary Terms
 Need Local Professional Help?
Find: Attorney, Appraiser, Financial Advisor
Are you an Estate Professional?
Advertise your professional services for: Attorneys, Appraisers and Financial Advisors
|
