Signs The Executor Is Mishandling The Estate
The role of an executor is to ensure that the decedent’s assets are distributed according to their wishes. However, if you suspect that the executor of your loved one’s estate is not handling it properly, it may be time to consult with a lawyer.
The Pompano Beach estate litigation lawyer at Mark R. Manceri, P.A., can help you take legal action if you notice signs that the executor is mishandling the estate. Often, signs of mishandling are so subtle that beneficiaries may not notice them without the assistance and guidance of an experienced attorney.
Signs That the Executor is Mishandling the Estate
There are at least five signs that indicate an executor is mishandling an estate, and understanding these signs can help you decide whether or not to take legal action.
1. Little or No Communication with Beneficiaries
The executor should inform beneficiaries of all developments related to the estate and its assets. If communication has been lacking or nonexistent, this should raise a red flag. Beneficiaries have a right to know what is happening with their inheritance and should be kept in the loop throughout the entire process.
2. Unreasonable Delays
An executor should act quickly when dealing with matters related to settling an estate. If there are unreasonable delays in making decisions, filing paperwork, administering assets, or distributing funds, then something could be wrong. An executor who takes too long could be exploiting his power by mismanaging funds for his own benefit instead of distributing them as intended by the decedent.
3. Inventory Is Delinquent
The executor must provide accurate information about all investments and property owned by the decedent upon death when filing taxes and other paperwork associated with settling an estate. If this information has not been provided on time or if it appears incomplete or inaccurate, then this could indicate that something fishy is going on behind the scenes.
Note: The Florida Probate Rule 5.340 requires the executor to complete and file inventories within 60 days from the date of Letters of Administration.
4. Withholding or Delaying Inheritance
If you have noticed that your inheritance has been delayed past what was initially communicated by the executor without explanation, this could be a sign of foul play. The executor may be withholding distributions even though they had no legal right to do so in order to enrich themselves at your expense.
5. Selling Estate Assets for Less Than They’re Worth
If it appears that estate assets have been sold off at lower prices than market value without explanation from the executor, then you should take notice and consider taking legal action against him or her for mismanagement of funds. It is important to note that sometimes estate sales can involve discounts due to urgency. However, if there is no clear justification for why items were sold below market value, then suspicion should arise.
Contact Mark R. Manceri, P.A., to Sue the Executor
Knowing how to recognize when an executor might be mishandling an estate can help you determine whether it’s necessary for you to take legal action against him or her in order to protect yourself from financial losses caused by mismanagement of funds and assets belonging to your loved one’s estate.
If you notice any of the above-mentioned signs, contact Mark R. Manceri, P.A., to get justice for yourself and your family members who have been wronged by negligent actions taken by their executor overseeing the distribution of their inheritance after their death. Call 954-491-7099 to discuss your case.