NEWSLETTER JANUARY 2019
As an Executor, Administrator, Personal Representative, Guardian, Conservator, Receiver or similar title, you are a fiduciary, entrusted with the care of someone else’s property.
The following DO’s and DON’T’s are basic rules which you should follow to properly and conveniently perform your fiduciary duties.
- Use a checking account for all money paid out. Your cancelled checks are the best record of how you have spent the trust money.
- Keep an accurate record of all receipts and all disbursements.
- Obtain written Court approval before you pay out any substantial monies or dispose of any property.
- Consult with your attorney at all times. Help and advice are what you are paying for.
- Invest and manage assets of the estate as a prudent investor would, exercising reasonable care, skill and caution. On larger estates, it is wise to consult a professional investor.
- Do your treat the property as your own, even if you are an heir or relative. It is not yours until the Court and the law says it is. Keep the property separate from yours. Not doing so could be a criminal offense.
- Do not spend any major amounts without the Court’s written approval.
- Do not be afraid to ask your attorney for advice and guidance. It will help make the work easier for both of you.
- Do not delay in report to the Court. Follow your attorney’s directions on signing papers and filing them with the Court.
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