An executor’s duties are to keep an estate in good financial condition. When the time comes, the executor distributes the assets as directed by the estate. Most people believe they have chosen a trustworthy and good executor, but sometimes executors prove they are not trustworthy to manage assets. If you suspect an executor of mismanaging assets of an estate in Illinois for which you are a beneficiary, you may take steps to stop him or her.
According to the National Law Review, the first step is understanding what the executor has done wrong. You cannot react if you have no real idea of where the executor has mismanaged. One area where the executor might error is missing tax payments. This leads to penalties that reduce the estate’s value. An executor may also withhold distributions as dictated by the estate. There are other ways an executor may mismanage an estate. The bottom line is that no actions the executor takes should negatively impact the estate and its value.
If you notice issues, you have the right to bring them up. You should seek assistance in addressing the issues and prepare to present evidence of the problem. Knowing what exactly the executor is doing can enable you to better gather evidence. You do have the law on your side in demanding the executor handle all required tasks. The executor is bound by legal definition to properly manage the estate and ensure it is kept in good financial shape for beneficiaries. This information is for educational purposes only. It is not legal advice.