If you've just been appointed as an executor of a will, you may be feeling overwhelmed. The role can be complex, and even seem like a second full-time job. The first question you'll probably ask yourself is what do I do now?
The best answer is to start learning your role, your responsibilities, and how to avoid putting yourself at risk.
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.
Sometimes, despite the best intentions and efforts by the executor, the expectations of the beneficiaries or creditors are not, or possibly cannot be, met.
This puts executors in a difficult situation and it could even mean legal action from a beneficiary or a creditor. ERAssure Executor Liability Insurance was developed to protect both the executor and the estate.