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Metz, Bailey & McLoughlin, LLP provides
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Attorneys For Today, Counselors For Life

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CALL FOR AN ATTORNEY

    614-423-4619

Attorneys For Today, Counselors For Life

Attorneys For Today, Counselors For Life

Metz, Bailey & McLoughlin, LLP provides
customized estate planning and
business law services to clients
throughout Ohio

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  4.  » Are executors liable when they mismanage an estate?

Are executors liable when they mismanage an estate?

On Behalf of | Aug 2, 2022 | probate & estate administration | 0 comments

When someone you know names you the executor over his or her Ohio estate, you should expect to have to take on a number of important responsibilities on that individual’s behalf. Serving as an executor requires you to take certain steps, and failing to uphold your duties exposes you to potential legal trouble.

Per CNBC, you may consider serving as someone’s executor to be both an honor and a burden. The process involved in settling someone’s estate may prove time-intensive. It also requires a high degree of responsibility and organization. Failing to do any of the following while acting as someone’s executor may result in someone filing a lawsuit against you for mismanagement.

Make proper and timely notifications

As an Ohio executor, you have to meet certain deadlines with regard to notifying beneficiaries and potential creditors about the will-maker’s death. You may become liable if you fail to make these notifications or otherwise blow deadlines associated with probating the estate.

Secure the deceased party’s property

As an executor, it also becomes your duty to secure the will-maker’s home and valuables. Failing to do so may land you in trouble if a beneficiary or someone else gains access to the property of the deceased because you left it unsecured.

Take care of tax obligations

It is also up to the executor to take care of the decedent’s tax obligations. Leaving any taxes unpaid on the estate may expose you to potential liability.

When you agree to serve as someone’s executor, you agree to take care of the obligations outlined above. If it is your first time serving in such a capacity, it may benefit you to work with someone who has broad experience in this area to avoid making unintentional mistakes that may cost you.