What If A Personal Representative Does Not Perform Their Duties Properly?
The tasks involved with dealing with a will can often be difficult and time-consuming.
You may feel obliged to act as personal representative if you are named as an executor on the will; however, you must remember that as the executor you will be fully responsible for all issues from determining the deceased’s assets to filing and returning tax returns and checking the validity of claims made against the estate.
This makes dealing with a will a very difficult process to fit in to your usual routine, especially if you work long hours, have kids to look after or have a lifestyle that affords you very little time to allocate elsewhere.
This could result in mistakes being made in your capacity as executor or personal representative of the will, and the financial costs of these mistakes could end up coming out of your pocket.
Being the executor of a will is a major responsibility and one that has to be taken extremely seriously:
Because it is your duty to act in the best interests of the estate at all times, you are expected to put the estate and your dealings with the will above all else. Therefore, it is extremely important that you give this job careful consideration before you agree to be the personal representative. Of course, you can resign from the job even after you have agreed, so if you initially think that you can do the work involved but then find that it is far more time-consuming and difficult than you expected, it is a good idea to speak to the courts and hand the job over to someone else. This could be the second named executor on the will, or if they are unwilling or unable to take on the work the court will appoint their own executor.
As the personal representative you are held personally responsible for the estate, liabilities and legal aspects of the deceased’s will. You must therefore prioritise on your duties as executor and must put all of your efforts in to this work. This is not a responsibility that should be taken lightly, nor one that can be treated as unimportant.
You will be expected to exercise the utmost care and attention when dealing with the assets and liabilities of the decedent, and basically you will be required to treat them as your own. You will assume responsibility for everything, from the payment of taxes and creditors to dealing with legal matters and maintenance of the deceased’s estate and assets. Getting maximum return and dealing with the payment from investments is another responsibility, and you are expected to be extremely vigilant with regards to payment being made from the estate.
For matter such as overpayment to creditors, fines for late return of taxes, unclaimed dividends which may then expire and any other matter than has an adverse financial effect on the estate, you could be held personally responsible and accountable, and you may be expected to cover the loss yourself.
