Preventing Difficulties Between Beneficiaries And The Executor
Being the executor of an estate can be a challenging job. Executors have many responsibilities. For example, an executor needs to find estate assets, safeguard those assets, appraise those assets, pay estate debts and taxes, and distribute inheritance to beneficiaries. The last thing you want as the executor of your loved one’s estate is to deal with difficult beneficiaries. A problematic beneficiary can make your work even more challenging. If you are the executor of a loved one’s estate, it is crucial that you understand how you can prevent difficulties from arising between you and the beneficiaries.
If you are the executor of a loved one’s estate, the following are some tips to help you prevent difficulties from arising between you and the estate beneficiaries:
Tip #1: Be Honest
One of the things that cause difficulties between executors and beneficiaries is the lack of transparency. It would be best if you were transparent about, among other things, the finances and expenses of the estate. For example, keep detailed records of all transactions. When you are transparent with the estate’s beneficiaries, it will help make the beneficiaries feel comfortable with how you are handling the estate, and, in turn, prevent difficulties from arising between you and them.
Tip #2: Communicate Timelines
Another major issue that causes difficulties between executors and beneficiaries is beneficiaries’ expectations around the amount of time it takes to receive an inheritance. Some beneficiaries do not understand that distributing inheritances is usually among the last things an executor is required to do. Some beneficiaries do not understand that the probate process can be long.
It is important that you communicate timelines with the estate beneficiaries. That way, you can prevent them from prematurely rushing you to distribute inheritances.
Tip #3: Keep Beneficiaries Informed
Apart from being transparent and communicating timelines, it would help if you kept the estate beneficiaries informed about your work. This can help prevent the beneficiaries from trying to deny you the remuneration you are entitled to. If you do not inform beneficiaries about your work, they might be reluctant to accept that you deserve a certain amount of money.
Tip #4: Explain Laws
Sometimes, difficulties between beneficiaries and executors arise because beneficiaries do not understand the law. Sometimes, difficulties arise because beneficiaries do not understand why an executor made certain decisions. It would be helpful if you explained to the estate beneficiaries the laws governing probate in California. It would be a good idea to help the beneficiaries understand the reasons behind certain decisions.
Tip #5: Understand How the Beneficiaries Are Feeling
Lastly, as the executor of your deceased loved one’s estate, it would be best if you understood and respected how the beneficiaries feel. Keep in mind that the beneficiaries are grieving the loss of a loved one. Also, remember some things may be of sentimental value to beneficiaries. Sometimes, disputes arise because of grief and sentimental attachments.
Contact The Probate Guy for Help
If you are the executor of a California estate and need help probating the estate, contact the dedicated California probate attorney, Robert L. Cohen – The Probate Guy – today to schedule a telephonic consultation.