Taking on the responsibilities of being an estate executor for a friend or loved one can be a risky burden. An executive that breaches his or her fiduciary duties can be held personally liable. The real work of an executor begins after the testator’s death when the executor must settle all outstanding taxes and debts and then distribute the estate’s assets to the correct beneficiaries. There are many different difficult tasks involved with this process and the policies can vary from state to state. It is important to protect the estate and make sure everything is properly managed. The position of estate executor carries with it immense responsibilities and people should think carefully before taking on such a task.
See Shelly Schwartz, The other side of a will: Serving as executor to an estate, CNBC, October 3, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
