After the death of a loved one, many Texas residents may have trouble dealing with the necessary steps to close the estate. The situation can be even more difficult if the deceased individual did not leave behind any kind of estate plan. In some cases, surviving family members may hire outside parties to handle the estate administration, but unfortunately, the professionals may not always act as they should.
It was recently reported that one family had to take legal action against big bank J.P. Morgan due to its handling of a deceased man’s multimillion-dollar estate. The deceased man’s surviving widow and his two stepchildren utilized the bank to handle the estate. However, they found themselves regretting that decision in the seven years since their loved one’s death.
Apparently, the bank did not adhere to its duties when administering the estate, including ignoring requests from the widow to sell stocks and failing to release assets in a timely manner. As a result, the jury determined that the bank should pay over $4 billion in damages to the surviving family. However, the bank has stated that it does not believe the verdict will stand.
Mishandling of estate administration can cause considerable issues. Because this type of administration can be delicate and complicated work, it is understandable for Texas residents to want to have someone in charge they can trust. If individuals are facing similar issues in which administrators are failing to honor their responsibilities, those affected may wish to consider speaking with experienced attorneys to learn more about their legal options.
Source: marketwatch.com, “J.P. Morgan ordered to pay more than $4 billion to widow for botching estate settlement“, Andrea Riquier, Sept. 28, 2017