Executor's Duty
Akron Fiduciary Duty Lawyer
When an estate enters probate, it is administered by a person called the "executor" of the estate. The executor of a trust is known as the "trustee." There are several duties and responsibilities that an executor and trustee must adhere to in administration of the estate and trust, respectively.
The estate planning attorneys at the Law Office of Margaret H. Kreiner have given wise and dependable advice on estate planning, execution of an estate and trust administration for over 26 years. Contact an experienced Akron fiduciary duty attorney today to discuss the duties of an executor of an estate.
Akron Area Executor Duty Attorney
Most importantly, an executor or trustee owes a fiduciary duty to the estate or trust, respectively, meaning that he or she must act in the best interest of the estate or trust's beneficiaries.
The executor's specific duties and responsibilities begin with opening the estate for probate and also include the duty to:
- Inventory assets
- Manage assets and debt, including protesting inaccurate debt against the estate and appropriate investment of assets
- Carry out the terms of an existing will, including distributing property and assets to the will's beneficiaries, which may include one or more trusts
What constitutes a "fiduciary duty" of an executor or trustee and how that duty is met is governed by sometimes complicated laws, which can be overwhelming. If an executor or trustee breaches his or her duties under the estate, the beneficiaries may sue him or her for any damages to their interests.
Our estate planning attorney is here to help you understand the full extent of your duties, rights and responsibilities as executor of an estate or trustee of a trust in order to protect your own interests.
Ohio Estate Administration Lawyer
For more information about assistance in administrating an estate or trust, contact our executor duty lawyer at the Law Office of Margaret H. Kreiner in Cuyahoga Falls.
