Can the executor of an estate be held liable?

Can the executor of an estate be held liable?

Taking on the role of an Executor carries with it a great deal of responsibility. An Executor has the legal authority to administer an estate and is ultimately responsible for any mistakes made. They can be held personally financially liable for any breaches of duty.

Can executor withhold inheritance?

Executors cannot do things which are contrary to the benefit of heirs, beneficiaries, and the estate. This means if you suspect an executor is withholding your inheritance distributions, you would have the right to sue the estate, or litigate to suspend, remove and replace the executor.

What can an executor do to a beneficiary?

As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.

Can an executor of an estate pay out of her own pocket?

The good news for an executor is that she does not have to pay these expenses out of her own pocket. Most of the expenses incurred while settling an estate are paid for by the estate, which is composed of the deceased’s savings, assets, etc. So what can the estate pay for and what must you pay for out of your own pocket?

Do you have a fiduciary duty to an executor?

While both administrators and executors have a fiduciary duty to manage and distribute the assets in the estate, the executor is required to follow the wishes of the decedent as laid out in the will. The administrator, on the other hand, is only required to distribute the assets in the estate to the appropriate heirs.

How can an executor of an estate misuse an asset?

Misuse of assets – where typically the executor will have taken or adapted the asset for their own use; allowing personal friends or close family members to reside in estate property free of charge and granting them rights of occupation

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