Being named the executor of an estate in Missouri is a privilege. You get the honor of being the one whom the founder considers to be the most reliable and trustworthy. However, you can also be exposed to a great deal of hassle. Here are some issues that you may face as the executor of an estate.
Issues with the beneficiaries
Estate administration involves a lot of different people. One of the biggest potential issues that an executor can face is dealing with the beneficiaries’ interpersonal issues. They may quarrel over certain assets or whether or not another party is part of the trust. If not resolved in time, these disputes can lead to torturous litigation.
Conflicts of interest
Acting as the executor of an estate may be only one of your many responsibilities. You may find that you are experiencing a serious conflict of interest. For example, you may be a co-signer on a loan with the founder. You may also have purchased assets from the trust.
If this is the case, you will need to make a choice. You can step down from your position as executor or resign from your other duties. If you resign as executor, you will need to name a successor. This is a decision that the beneficiaries may find fault with.
A lengthy probate process
Dealing with probate court issues can be a serious pain. This is even more true when you are forced to deal with unforeseen delays. The average length of the probate process is between six months and a year. If the will is contested or creditors refuse to settle, it can become an even more challenging ordeal.
Even a very small organization may have more than its share of legal issues. You may not be up to the task of negotiating probate court. If so, you may wish to resign in favor of a more qualified party.
