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Monday, August 20, 2012

The Executor's Year

I've posted on this blog before about the executor's year, but I know it's something that readers need to know more about. It's a rule of thumb that says an executor should have substantially wrapped up an estate within a year unless there are extenuating circumstances that prevent that.

I recently found the following case summary at www.disinherited.com that talks about the court's application of the executor's year rule, and makes it clear that an executor can be called upon to explain himself or herself if the estate is taking too long. The executor in such a case can be removed as executor for improper delays, and held personally liable for any losses to the estate that result from improper delays. Click here to read the case summary.

I particularly liked the author's summary, as follows: "most of the complaints relating to the executors year is often related to an executor that either cannot or will not deal with the estate for various reasons, usually emotional, or they are simply power tripping over the other beneficiaries and literally keeping them in the dark."

The phrase "power tripping" is absolutely perfect to describe how many executors behave. However, if the power trip lasts longer than a year for no good reason, it may well be cut short by the courts.

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