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What is the Fiduciary Duty of an Executor?

executor

An executor performs significant duties on behalf of the estate. They are trusted to make decisions that impact potential financial outcomes for other beneficiaries. Thus, they have a fiduciary duty to the estate, and they can be personally liable when they breach it. Fiduciary duties fall into two categories. The first is the duty of loyalty. The executor must…

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What Happens When Someone Dies with Two Wills?

estate plan

People are advised to make sure that they have a will when they die to protect their families. Sometimes, people can be too vigilant and have two wills. They may not have revoked an old will when they made a change. Lawyers tell you to change your will when major life events occur, but people may end up with…

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How Do You Start the Probate Process?

probate process

In order to begin the process that would lead to the closing of the estate and distribution of assets, you would need to open probate. This process can become complicated and may cause headaches for your family. Before probate can begin, you must locate the will that the deceased person left. Hopefully, the will was stored in a safe…

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Responsibilities of an Executor of an Estate

Executor of an Estate

There are many steps that must happen between the time that a loved one dies and when their assets can be transferred to their heirs according to their will. One person is tasked with these duties, and that person is the executor. The affairs of the deceased person need to be wound down before the assets can be distributed….

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How Do You Revoke a Will?

revoke a will

A will is a legal document. Once you sign it, the will remains in place, and it is legally effective. If circumstances change, you may need to make changes or revoke a previous version of your will. Otherwise, someone named as part of your original will remains a part of it. Technically, you can revoke a will by destroying…

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Possible Complications During Probate

Lincolnshire Probate Attorney

There is a reason why attorneys will tell you to try to structure your estate to avoid probate if it is possible. Probate can be time-consuming, and things can happen that can delay it further. The major complication during probate is when there is a will contest. An interested party may challenge the validity of the will and claim…

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How to Properly Amend a Will

Amend a Will

A will is a binding legal document that is carried out according to its exact terms. If you do not amend a will when it is necessary, you may be stuck with old provisions that are still effective. However, you need to properly amend your will in order for the changes to be applied. First, you need to have…

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Do You Always Need to File for Probate?

probate

Many families approach the probate process with some degree of trepidation, and with good reason. Probate can be a difficult process with its own challenges. Nevertheless, most estates will need to go through probate before the heirs can inherit assets. Probate is the court-supervised process where: The will is validated and authenticated Creditors are paid from the assets of…

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Can an Executor be Sued by Beneficiaries?

executor

When one is designated as the executor of an estate, they are given critical duties to handle that include selling estate property and settling debts with creditors. Their actions and decisions can affect the amount of money that heirs will receive under the will. An executor is considered a fiduciary under the law. A fiduciary owes certain legal obligations…

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Provisions of a Will

Provisions of a Will

Your last will and testament provides your instructions for both your tangible estate and for your minor children. The will may both give specific instructions and designate the people who will carry out your wishes. Here are some of the important things that need to be included in a will. Your will designates an executor, who is a trusted…

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