This is the next article in our series on how to become an estate executor in our state. In the previous article we discussed how one typically becomes an executor in Connecticut. While the executor is typically named in the will, it is still necessary for that person to be appointed by the Court. Retaining an attorney as early in the process as possible helps to ensure that probate of the estate is handled correctly from the beginning, avoiding liability for mismanagement. In this article we will discuss why executors should hire an attorney and how doing so can prevent costly consequences and liability for mismanagement. If you or a loved one needs assistance managing the many duties of an executor, then contact our office today to speak with a lawyer.
Connecticut residents do not need a lawyer, but should retain one when becoming the executor of an estate
Although it is not a requirement that one hire an attorney to be named executor, doing so can help to ensure the complex process is completed consistently with the law. The process begins with the will and a Petition for Probate being filed with the Probate Court. This includes the filing of necessary forms in addition to the Petition, including the death certificate, a copy of the Last Will and Testament, and the Appearance form stating that our law firm is representing the Executor or Fiduciary. The court then reviews this application to ensure that the fiduciary meets the qualifications necessary to serve, and that the will is validly executed under CT law. After filing, all interested parties of the estate are notified by the Probate Court. Interested parties includes not only those named in the will but also the natural heirs of the decedents such as his spouse and children. Thereafter, the Court sets down a date by which any of the parties interested can contest the will. This is known as the Hearing Request Deadline. If no one requests a hearing, the will is automatically admitted. If someone does request a hearing, the Court will schedule it and send notice of the date and time to all interested parties. After the hearing, the Court will decide if the will is to be admitted. When approved, an executor takes an oath, sworn by the Court, swearing to correctly administer the estate and not to act dishonestly. This, along with the “Letters Testamentary”, authorize the executor to begin carrying out their duties.
Managing an estate in Connecticut places many obligations and duties on an executor. Following the loss of a loved one, navigating the complex estate process and significant responsibilities of being an executor can be difficult without the help of an attorney. Estate administration involves a significant and serious undertaking. Even in straightforward cases, mistakes can be made that are costly. It is the responsibility of any potential executor to take an honest assessment of their own capabilities prior to accepting appointment. Having an experienced attorney is one of the best ways for a Connecticut executor to ensure that they are handling the matter correctly.
Hartford executors face potential liability if they mismanage a Connecticut estate
Executors have a duty to act in the best interest of the estate and its beneficiaries when carrying out all duties. An estate can be mismanaged for many reasons including mishandling assets, failing to pay debts owed to creditors, or improperly distributing funds. These mistakes could result in costly lawsuits in which executors may be personally liable for paying any damages. Criminal charges or fines may be sought against an executor who is involved in intentionally mismanaging assets or where gross negligence is involved. For example, let’s say Joe dies unexpectedly and owns Pride Rock Properties. Joe named Jack as executor of the estate, who accepted the position and swore to responsibly carry out his fiduciary duties. Nevertheless, Jack forgoes hiring an attorney and soon begins neglecting to make repairs at the Pride Rock property. A water main leak eventually causes mold and renders the property uninhabitable and unsellable. As a result, Joe’s son (the heir) successfully sues Jack for the decrease in property value, lost rental income, and repair costs which caused significant and unnecessary financial loss.
An attorney can help prevent mismanagement of an estate and the costly consequences in several ways. Attorneys are equipped to fully educate the executor of their duties such as reminding the executor to carry out property maintenance, maintain insurance, and/or hire a property management company. Further, attorneys can help with creating estate management plans which will help guide an executor through successfully settling debts, maintaining properties, and distributing assets. These endeavors must be consistent with Connecticut law and complex tax laws of which attorneys have familiarity. Finally, attorneys can engage with experts such as accountants and property managers to work together mitigating risk of mismanagement liability.
Mismanagement and its costly consequences can be easily avoided. For help with your situation, contact us online or by telephone to speak with an experienced Hartford, Connecticut probate attorney. We pride ourselves in serving our community and would be happy to discuss the circumstances specific to your case and any questions you have. We also service the Connecticut areas of Wethersfield, New Britain, Bristol, Rocky Hill, West Hartford, East Hartford, Glastonbury, and Manchester, as well as the Middlesex County cities of Middletown and Cromwell.
