When someone names you the executor over his or her Florida estate, you may feel both honored and stressed about the responsibility that comes with the title. Serving as someone’s executor takes time and effort. You also need to be sure to cover all your bases when handling the estate so that you do not wind up facing legal trouble along the way.
According to CNBC, serving as someone’s executor exposes you to potential lawsuits. This is not to say that such lawsuits are common, but there is the potential for them to arise. If they do, they may cost you considerable time and money. More specifically, you run the risk of facing lawsuits relating to the following.
Breach of fiduciary duty
When you accept the executor role, you also agree to act in a manner that upholds the interests of the deceased party whose estate you are overseeing. You also have an obligation to exercise due care in your executor role. If you drop the ball in this area, one of the beneficiaries may file suit against you.
Beneficiaries may also decide to file lawsuits against you if you do anything they feel is unethical. For example, some executors have faced lawsuits for adapting the contents of a will for personal gain. You may also expose yourself to potential lawsuits if beneficiaries believe you mishandled real estate while serving as executor.
While these are some of the areas in which you may face lawsuits as an executor, this is not an exhaustive list of all areas where others may try to hold you liable.