When someone creates a will and names an executor for their estate, they trust that person will carry out their wishes and act in the best interests of the beneficiaries. Unfortunately, there are some instances where that doesn’t occur.
What can you do if you believe the estate administrator is not fulfilling their duties in a professional manner?
What is the purpose of a fiduciary?
When someone is named the administrator of an estate, they have the responsibility to manage the assets in a responsible and trustworthy manner. This includes keeping accurate records of all income and expenses, investing the assets wisely, and avoiding conflicts of interest.
A breach of fiduciary duty occurs when a fiduciary mishandles or misappropriates the property or money under their care. This can happen through active theft or inaction, such as by failing to properly invest the funds.
If you suspect that the administrator is not fulfilling their duties, there are a few signs to look out for:
- Check to see if they are keeping accurate financial records. If there are any discrepancies, this could be a sign that they are trying to hide something.
- Pay attention to how they are investing the assets. If the administrator is taking unnecessary risks or making poor investment choices, the estate could be at risk.
- Watch for any signs of self-dealing or conflicts of interest. If the administrator uses estate assets for personal gain or benefiting from transactions with estate businesses, they may be breaching their duties.
If you are the heir or beneficiary of an estate and you suspect that the administrator of a breach of fiduciary duty, it is crucial to take action. You may be able to file a claim against the administrator or have them removed from their position. Seek legal guidance as soon as possible to review your options.