Some of your routine responsibilities as an Executor are:
- Arranging for will to be probated;
- Advertising for and/or notifying creditors and claimants/beneficiaries;
- Collecting and securing the assets of the estate;
- Protecting the assets of the estate;
- Paying the liabilities of the estate and collecting any receivables;
- Filing final tax returns of the estate;
- Accounting for the assets and liabilities of the estate;
- Verifying claims against the estate;
- Distributing the assets of the estate;
- Accounting for the administration of the estate; and
- Liquidating the assets of the estate.
Some of these tasks can be overwhelming, ask us how we can help. For a fee we can assist you with completing some of these duties.
Did you know that Executors can be held personally liable for the decisions they make in the course of estate administration?
Even though you will be acting in good faith, errors or disagreements can result in the executor and the estate being sued by beneficiaries. Other factors can also add to the risk you face as an executor, such as the current economy, relationships within families, and the individual personalities involved.
Find out how you can protect yourself with Executor Liability Insurance at www.erassure.com