As an estate’s executor, one of your duties is communicating with beneficiaries. Acting in the best interest of the estate, as your fiduciary role requires, involves being transparent with beneficiaries. When you fail to communicate effectively, they can file a petition with the probate court to remove you from the position.
Here is how you can keep beneficiaries adequately informed:
Contact them early
Once you are approved and officially appointed by the court, contact the beneficiaries. Let them know you are the estate’s executor, they have been named as beneficiaries and that you have submitted the will to probate. Additionally, inform them of their right to request and receive a copy of the will.
You can also use this initial contact to set realistic expectations about timelines and encourage them to express their expectations and concerns. Additionally, inform them about how you will be keeping them updated. For example, through monthly emails/calls or regular virtual/in-person meetings.
Provide regular updates
While you may not need to share every decision you make, it’s essential to provide regular updates about crucial details. For instance, update beneficiaries when an inventory of the estate’s assets has been filed, and share it with them. Moreover, send updates when you sell a property and pay debts.
Respond on time
The estate’s beneficiaries will likely reach out to you regularly with questions. It’s important to provide an answer as soon as possible. Not responding because you don’t have the necessary documents can be viewed as avoiding communication. If you don’t have information about a matter yet, tell them so.
Keep records
Ensure you keep records of all conversations you have with beneficiaries. Documenting communications can show you acted in good faith if anyone challenges you in court.
Effectively communicating with beneficiaries can help an executor have a smooth process. Learn more about other decisions to make to protect your role and yourself.
