Mistake Number Two: Making Early Distributions Without Protecting Yourself
One mistake Executors make is that they make early distributions of an Estate or Trust before they protect themselves. An Executor is held liable for that Estate or Trust. If you are an Executor and you distribute without realizing it could be subject to probate, taxes, and other expenses you are liable to retrieve the money and pay the responsible parties. To solve the problem make sure you meticulously go through the process, pay creditors, and anyone else asserting a claim. For more information on this topic click here.