Risks Associated With Not Following The Law When It Comes To Enforcing Someone’s Last Testament
Anyone, who has something in this life, some kind of asset they leave behind on the day they die, needs to have a plan about who is going to benefit from that asset. If you do not leave clear instructions about this matter, after your death the assets you value a lot could go to people who do not deserve to have them. That is why we create a legal testament about our desires.
The person who is left in charge of carrying out what is written in the legal testament created with the help of wills and estates lawyers is known as the executor. He or she has to follow the law to the letter when he or she is executing what is mentioned in this testament. When he or she fails to follow the law when it comes to enforcing someone’s last testament he or she should be ready to face a lot of problems.
Having to Pay Debts or Taxes from the Executor’s Pocket
Usually, you can only divide the assets mentioned in the last testament after all the debts and taxes of the deceased are paid in full. If the executor does not pay the debts and taxes before the assets are divided between the beneficiaries and there is not enough money to pay the debts and taxes, law can come after the executor to pay those things. This means the executor could end up paying these debts and taxes from his or her money.
Having to Face Problems with the Division of Assets
Any one of the talented probate lawyers Portland will tell you how harmful it can be to divide the assets before six months has gone since the person, whose testament you are executing, has died. You have to wait for six months because that allows someone who wants to challenge the testament to lodge a case against it in the court. If there is such a complaint and the court decides in favour of the person who makes the case and you have already divided the assets, there is going to be a huge problem to solve.
Legal Situations with Not Calling All the Beneficiaries
Sometimes you can see people not calling all the beneficiaries of a testament. That is going to create problems too because you cannot start disclosing the testament and dividing the assets without informing all the beneficiaries mentioned in the testament.
There is no need to face any of these situations if you follow the law with the help of a talented attorney.