The Executor of an Estate is an Employee, Not The Boss
Are you an executor of an estate in Colorado? If so, you might be feeling a lot of pressure and responsibility. You might also be feeling a sense of authority and power. After all, you are the one who is in charge of managing the estate's assets, paying its debts, filing its tax returns, and distributing the inheritance. You are the one who is making the critical decisions about how to carry out the wishes of the deceased.
But before you get too comfortable in your role, you should know that being an executor is not a position of power but a position of service. You are not the boss. You are an employee. And your bosses are the estate's beneficiaries.
As an executor, you have a fiduciary duty to act in the best interests of the beneficiaries. You have to follow the instructions in the will or trust, and you have to comply with the laws and rules that govern estate administration in Colorado. You also have to keep the beneficiaries informed and involved in the process. You must provide them with regular reports and accountings of your actions and expenses. You have to respond to their questions and concerns. And you have to respect their rights and interests.
You could face severe consequences if you fail to do any of these things. The beneficiaries can challenge your actions or decisions in court. They can petition to remove you as the executor and appoint someone else. They can even sue you for breach of fiduciary duty and seek damages from your assets.
Being an executor is not easy, but it can be rewarding if you do it right. You can honor the memory of the deceased and help their loved ones through a difficult time. But it would be best to remember that you are not the boss but the employee. And your job is to serve the beneficiaries, not yourself.
Contact us today if you need help with estate planning or administration in Colorado. We specialize in estate planning and probate law. We can help you understand your rights and responsibilities as an executor and guide you through the process with professionalism and compassion.
What next?
If you think it might be time to think through your estate plan, you can:
- Call us at 720-821-7604 to schedule an "Attorney Evaluation Session," to determine whether our firm would be a good fit for your needs. Or fill out our contact form to have us call you.
- Visit our estate administration page to learn how proactively thinking through your estate plan can protect you and your family, minimize hassle, lower the chance of family discord, and minimize or eliminate taxes.
- Learn more by reading our blog or watching our videos.
