Executor Misconduct
There are some distinct advantages to having a dead client. This is especially the case when the wishes of the now deceased client are vague, as in the case of Brook Astor. There are clear circumstances where executors are not fulfilling their obligations…
- Withholding inheritance: When the executor is not dispersing assets in a timely manner it can be a red flag and should be looked into.
- Breach of fiduciary obligations: All executors must act in the best interests of the deceased and the beneficiaries. Sometimes, executors are not fulfilling their fiduciary duty, and ignorance is not valid excuse.
- Stealing from the estate: Access and no or limited oversight can easily result in greedy people abusing their position as executors.
Lessons for the Wealthy
What all this means is that you want to take action to make as certain as possible your wishes designated in your will are followed. There are two actions that will tremendously help—not in any way guarantee, but certainly help make sure your executor does a good job.
- Pick someone you trust and is willing to do the job: According to Jennifer Santaniello Thomas, of counsel with the Abrams Fensterman law firm, “While things might not always turn out as planned, the closest to a guarantee you will get to your intent being carried out is by selecting someone who you have a great deal of faith in. Your executor must also have the time and be inclined to do the job.”
- Make sure the executor knows what you want to happen and respects your wishes: The idea is to eliminate any vagueness in the will. Communicate clearly what you want to happen and, if possible, document it. “Your executor must respect your wishes even if he or she disagrees with them,” says Thomas. “For example, if you leave a specified sum of money to a particular cousin that the executor despises, the executor must disperse the funds to your cousin despite his/her own personal feelings. While it is possible to remove an executor who is not following the directions provided in a will, it is often a costly process that is partially if not entirely funded by the estate. The better approach is to carefully and explicitly specify your wishes and to select an executor who your trust will carry out your intent.”
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