The idea of settling someone’s final affairs can seem daunting. Indeed, the process of estate administration can have its complications, and an executor has a number of duties to address. This person also has to make sure that all steps taken to close the estate are correct because conflicts can easily result.
California executors may find it useful to understand that they have to follow a standard of care when settling an estate. This standard is known as their fiduciary duty. Individuals with this duty must act impartially when making decisions regarding the estate. Additionally, those decisions must work in the best interests of the remaining estate as well as its beneficiaries. If executors do not adhere to this standard of care, trouble could come about.
It is also wise for executors to have at least some financial knowledge. Much of the tasks associated with settling an estate revolve around assets and handling many financial factors, and mistakes could easily take place if a person is not sure how to deal with certain scenarios. These mistakes could also lead to conflict with beneficiaries or other parties associated with the estate.
Because California executors certainly want to avoid unnecessary conflict and make sure that they do not breach their fiduciary duty, it may prove wise to enlist help throughout the estate administration process. Knowledgeable attorneys could help interested parties better understand their roles and the laws associated with closing estates. The right information could help prevent costly missteps from taking place during the necessary proceedings.