Breach Of Fiduciary Duties In Estate Administration
As the executor in a probate administration or administrator of an estate, you have a number of specific responsibilities to fulfill. You have an important duty of care with regard to your estate. The failure to fulfill those responsibilities is a breach of fiduciary duty and can get you in trouble with the probate court. It is important to speak with an experienced estate planning lawyer regarding your fiduciary duties.
At the law firm of Burns & Hansen, P.A., our estate planning attorneys can provide seasoned guidance to clients in Minneapolis, across the greater Twin Cities and throughout the state of Minnesota. We listen fully to our clients’ concerns and strive to provide the service that our clients need.
Obligations Of An Administrator Of An Estate
An estate administrator has a number of fiduciary duties to perform under the supervision of a court. The administrator may have to:
- Collect the assets of the decedent
- Prepare an inventory of the assets
- Notify all known creditors so they may put in claims
- Approve or reject all claims
- Defend his or her actions in estate litigation before the probate court
- Sell estate assets to pay claims
Additionally, the administrator pays the decedent’s bills, prepares the decedent’s last tax return and pays any necessary taxes. He or she may also prepare a petition to distribute the assets for the court’s approval.
For more information regarding fiduciary duties in estate planning and administration, contact us at Burns & Hansen, P.A. Call our Minneapolis office at 952-232-5991 for a free initial discussion with our knowledgeable and compassionate attorneys.