When a close friend or family member names you the executor over his or her Texas estate, you have a duty to act in this individual’s interests and otherwise follow all guidelines and deadlines associated with the probate process. The role requires a considerable amount of responsibility. Sometimes, serving as someone’s executor could expose you to potential legal liability alleging mismanagement of the estate.
Failing to uphold your executor duties may also make a decedent’s assets vulnerable, which may impact how much beneficiaries ultimately receive. As an executor, you run the risk of facing lawsuits related to the following, among other areas.
If you make any significant errors that affect beneficiaries, you may face allegations of gross negligence. For example, if you fail to secure the deceased party’s home and someone enters and takes valuable assets from it, decedent’s beneficiaries may try to hold you accountable for the loss.
Administrative or timeline errors
Executors must abide by certain dates and timelines when it comes to notifying creditors and beneficiaries about the death. Failing to do so may expose you to legal trouble.
Executors sometimes face lawsuits for engaging in behaviors beneficiaries or others may consider fraudulent. For example, if someone thinks you tampered with the contents of a will for personal gain, that individual may file a suit against you.
When you take on the executor role, you may find that having legal assistance throughout the process helps ensure you cover your bases and avoid making errors that could land you in trouble.