As a will beneficiary, you may worry about the possibility of estate mismanagement by the executor during probate. This can happen for various reasons, including an inexperienced or negligent executor, poor financial decisions or even outright fraud.
The consequences of these and other forms of executor misconduct or mistakes can potentially diminish the estate’s value and leave you with far less than what was intended. Here are some tips to help minimize the risk of estate mismanagement and ensure probate proceeds smoothly.
Understand your rights as a beneficiary
You have the right to be informed about the probate process, including the assets and liabilities of the estate and how they are being managed. Familiarize yourself with the will and the probate process to know what to expect.
Monitor the executor’s actions
The executor has a fiduciary duty to act in the best interests of the estate and its beneficiaries, and you should ensure they uphold it. Keep a close eye on the executor’s actions, such as handling the estate’s assets and the overall process. If you notice any red flags, such as unexplained delays, missing assets or questionable expenses, address them immediately with the executor.
Remember to document all interactions, including requests for information and communication from the executor. This can serve as evidence if you need to pursue legal action against executor misconduct later on.
Seek legal guidance
If you suspect the estate is being mismanaged, act quickly. Reach out for urgent legal guidance to understand your options and determine the best course of action to mitigate your losses. This may include requesting a formal accounting of the estate and even removing the executor. Proper guidance will also help protect your interests throughout probate.