In the last two posts we discussed the responsibilities that an executor of an estate in Maryland may be obliged to carry out. These responsibilities range from determining whether probate is necessary to settling the accounts of the estate and distributing property. Today, we will explore three tips when it comes to performing these responsibilities that may make the estate administration process easier for the executor of the estate.
First of all, there are many professionals available to help executors carry out their duties. The executor of an estate may be under a fiduciary responsibility to properly execute their duties. Because of this, the executor may want to seek the advice of an attorney, to ensure that they properly perform their duties in accordance with the laws of the state. In addition, it may help to enlist the aid of an accountant to ensure one does not make financial errors. Furthermore, it may be necessary to seek the advice of a realtor if real property is included as part of the estate.
Transparency can also be key in administering an estate. Unfortunately, those going through the grieving process may find it is an emotional time wherein it can be difficult for heirs to think objectively. After all, heirs to an estate may disagree as to what the wishes of the deceased were. Unfortunately, this can lead to conflicts between the heirs and the executor of the estate. Making sure the heirs understand the executor's decisions and how estate administration process works can make the entire process run more smoothly.
Finally, executors of an estate should not rush the process. There are many fine details that should not be overlooked in order for the process to run in accordance with the law. Although the executor of the estate may be eager to make distributions to heirs as quickly as possible, the law may provide timeframes under which such distributions that can be made and it is important to adhere to these timeframes.
These are only a few tips that may help executors of an estate carry out their duties. It never hurts, however, to seek out more advice on the topic of estate administration. This is when consulting with a legal professional can come in handy. Having a complete understanding of the law may be the first step in ensuring that executors meet their legal obligations.