Phone: 720-259-9528
Toll Free: 888-835-6339

Golden Estate Attorney | Potential Liabilities for a Personal Representative in Jefferson County

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When a person is estate planning in Wheat Ridge, Golden and Jefferson County, they are tasked with choosing a personal representative or estate executor to handle the estate. A personal representative must always act in the best interest of the estate. Some of the duties involved with being an estate executor include:

  • Inventorying assets
  • Filing the probate case
  • Managing assets while the estate is in probate
  • Paying the estate's bills and debts
  • Distributing assets

While being chosen as a personal representative is an honor, it is also a huge responsibility and one that could leave you vulnerable if you do not follow the proper procedures. Let's take a look at the potential liabilities related to being an estate executor.

Potential Liabilities for Estate Executor in Arvada

As an estate executor or personal representative, you may be held liable for any losses or gains the estate made, even if you did not realize they had occurred. Grounds for claiming this type of issue often result from allegations that:

  • You did not exercise reasonable care and skill in managing the estate;
  • You acted negligently or intentionally when mishandling the estate - some examples of this include stealing money from the estate or not following the will; or
  • You acted intentionally or negligently when you failed to do something, like not inventory the assets, not address the probate case timely or not pay off all debts;

If the estate suffers a loss or a gain and you don't realize it or fail to properly account for it, you can be liable to the beneficiaries.

Protecting Yourself from Liability as a Personal Representative in Jefferson County

Now, sometimes there are personal representatives who take advantage of their role and embezzle from the estate, but for the most part, those tasked with being a personal representative take the job seriously. Often, any issues that arise are due to oversight or simply inexperience with the system. If you are chosen as a personal representative to an estate, consulting with an experienced probate and estate attorney is a smart move. Relying on an expert who understands everything that goes into being an estate executor will give you the peace of mind that you are doing things right and not going to accidentally make a mistake that could cost you big time.

If you are an estate executor or personal representative and want to discuss handling an estate with an attorney, contact the best probate and estate lawyers from the Pearman Law Firm at 720-259-9528 or toll free at 888-835-6339 for a free initial phone consultation.

Photo by Felipe Furtado on Unsplash 

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Pearman Law Firm, P.C.

Pearman Law Firm, P.C.
4195 Wadsworth Boulevard
Wheat Ridge, CO 80033

Toll Free: 888-835-6339
Phone: 720-259-9528
Fax: 303-991-7601
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Phone: 720-259-9528
Toll Free: 888-835-6339