Fiduciary Duty & Executor Liability Archives

Is There a National Standard for Estate Accounting?

Estate-accounting requirements are primarily governed by state probate law, court rules, court orders, and the terms of the will. As a result, no single bookkeeping format is mandatory for every estate in the United States. However, a nationally developed framework provides useful guidance for executors, attorneys, accountants, courts, and beneficiaries. The central expectation is that

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American Bar Association Guidelines for Individual Executors & Trustees

Executor Guidelines | 5-minute read Real Property, Trust and Estate Law Section | Executors & Trustees | ABA ABA Guidelines for Individual Executors & Trustees Click HERE for Full Document. Summary: The American Bar Association is a membership association of attorneys. Founded in 1878, the ABA is the oldest professional association for attorneys in the

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Nevada Counsel Warns Executors: Avoid These Common Probate Mistakes…

Administering an estate is one of the most important and stressful responsibilities someone can take on. Nevada Counsel, LLC is urging newly appointed executors and personal representatives to learn about common probate mistakes before they lead to delays, disputes, or personal liability. “Even well-meaning executors can unintentionally make costly errors,” said Nicole Harvey, attorney and

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Executor Road: Managing the Estate Like a Business

Poof! You’re an Executor. That is to say, suddenly you’re the President and CEO of an estate. You are a fiduciary, which means you have a financial responsibility to the shareholders, excuse me – stakeholders, or rather, the heirs. A list of projects awaits your direction. You likely have subcontractors to vet and hire (Attorney,

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What Is a Probate Bond?

When an individual dies, their estate is managed and distributed according to their will or state laws. A probate bond, also known as a fiduciary bond or estate bond, or sometimes an “executor bond”, plays a crucial role in this process. This type of bond ensures that the individual responsible for managing the estate, a

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Can I Drive the Estate Vehicles?

Estate Property| 5-minute read Estate Vehicle | Estate Liability| Estate Insurance Can I drive the estate vehicles? Dad’s car is right outside and you’ve got the keys. This is a little different situation than in 1981 when … nevermind. Dad’s gone and you’re a responsible adult (maybe not – I don’t know) and perhaps

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Estate Sale Slip. Liability?

What if someone falls at the estate sale on our property? What is the estate liability? Estate Sale liability is a fiduciary responsibility, and an executor is the fiduciary of an estate. Life is full of “what-ifs” This is also true in estate administration. For example, What if I hadn’t told Mom, “Sure, I’ll be

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Fiduciary Duty & Executor Liability