Trusts, wills and estate plans are often made up of family members, once designated by the head of the family who may or may not be able to intervene in the day-to-day of these accounts. There could be many reasons for setting up these estate plans, trusts or other form of financial management. It could be because the originator of the estate had a certain plan for their remaining finances. It could be for the tax breaks.
Being a person who is affected by, or has an impact on, a trust, will or other estate plan can be a blessing or a burden. Oftentimes, there are multiple parties involved in the estate plan, will or trust administration. Not always do these people see eye-to-eye. It's possible that someone involved in the will, trust or estate plan does not do as intended.
Knowing what an executor does is important for families in California to understand. In addition, it is helpful for families to understand executor liability and what to do if an executor violates his or her fiduciary duties.