Settling an Estate Can Be Difficult
It’s very common to have difficulties and inconveniences when it comes time to settle an estate, and that could happen when a person is deceased or even if they’re put into conservatorship or executorship. There may be somebody, usually a family member of an older generation, who has assets. That person may be in their 80s or 90s and has passed away, or maybe they are in their 70s or 80s and have gone into long-term care. Their assets now need to start being distributed to whoever in the family, or even outside the family, is supposed to receive them.

The Role of Wills, Trusts, and Intestate Situations
This process is usually done with a will, sometimes through a trust agreement, or in some cases, intestate, which means there is no documentation, and the state steps in. Regardless of the scenario, the process is always going to be longer, harder, more inconvenient, and more complicated than you would expect. The reason is that the distribution of those assets is very closely monitored by officials. They want to ensure that the wrong people do not get a hold of these assets.

The Importance of an Executor and Their Duties
If there’s a will, the assets must go to those named in the will. Usually, an executor is named in the will or provided for through other means. The executor is responsible for identifying and properly distributing all the assets. However, if the executor makes a mistake or intentionally or unintentionally converts assets to the wrong person, this can cause conflict. Many times, disputes arise over who is supposed to get the assets, and there may even be hidden assets not brought into the estate.

Best Practices for Handling an Estate
So, how do you handle all this? First of all, what we recommend is that if there is an estate to be distributed, the person in charge should get a surety bond. This is important because the executor may or may not be an expert. Sometimes it’s a family member, or it could be a trusted colleague who lacks experience in handling financial matters.

Live Consultation Offer and Expert Advice
While you’re reading this, remember you have access to live, one-on-one consultation with the undivided attention of a licensed, certified expert in this subject and many others. We want to listen to your story, hear your questions, and give you expert advice on your options. We want to share what we know about your situation and what steps you can take.

Monthly Reporting and Regular Updates
Next, we highly recommend that the executor provides regular, ideally monthly, reporting on what’s happening with the assets. These reports should be distributed to all interested parties and stakeholders. If you are a potential stakeholder, we suggest that you strongly request or demand that the executor be bonded and that they issue regular monthly statements. This allows you to see what is happening in real time, rather than waiting until the end of the process.

Keeping the Executor Neutral
Another best practice is to have the executor be someone outside of the group of people who are receiving the assets. If the executor is within the asset class, there might be decisions made that benefit themselves or insiders, rather than being fair to all beneficiaries.

Common Frauds in Family Law
If there’s a need to do an asset search, you can click the link below. You can also arrange a consultation with a licensed investigator or a licensed property and casualty insurer. The reason we’re bringing this up is that one of the most common types of fraud we’re seeing right now is Family Law fraud—divorce, probate, wills, executorships, and conservatorships. There’s a huge amount of fraud and assets being improperly distributed.

Trust but Verify in Family Matters
Now, you’d expect this in a divorce, where people are already fighting and trying to grab as much as they can. But within an intact family, you wouldn’t expect family members to try to steal money from each other, especially if they want to maintain relationships in the future. However, you should always trust but verify what’s happening with the assets and the other parties involved in the estate.