When a person dies in Michigan with a valid will, the executor named in the will or a personal representative appointed by the probate court must handle the affairs of the decedent. While closing the estate, the executor must act in accordance with state laws and comply with the wishes of the decedent. For assistance with a loved one’s estate, turn to the compassionate attorneys at Creighton McLean & Shea PLC in Livonia.
An Obligation To Put The Interests Of Others First
In a fiduciary relationship, the fiduciary has a moral and legal obligation to put the interests of others before their own. In estate law, the executor must act in the best interest of the beneficiaries. During the probate process, the executor must perform the closing of the estate in good faith while keeping the interests of the beneficiaries as the focus.
The basic duties of an executor are as follows:
- File the decedent’s will in probate court
- Locate the beneficiaries
- Give notice to creditors of the decedent and pay off any valid debts
- Identify, locate and protect the decedent’s assets during the probate process
- Prepare and file final income and estate taxes
- Account for all assets and payments during the management of the estate
- Distribute remaining assets according to the terms of the will
Breach Of Fiduciary Duty
Failing to accurately perform the duties of an executor can result in a civil lawsuit for breach of fiduciary duty. An executor may be in noncompliance for failing to pay creditors on time, not distributing assets according to the will, making poor financial decisions or taking money out of the estate.
Our firm has extensive experience in estate administration and probate. To learn more about our services, please call 734-245-9289 to schedule an appointment with a lawyer. You can also reach us online.