Being an Executor is a serious responsibility
Advice to Executor of a Will to minimize risk
If you have been appointed as an executor in a person’s Will, you should ensure you know exactly what you are up for before you launch into administering an estate.
Executors of estates have an important role which carries legal responsibilities, and you will be taking on a level of personal risk if you act. For example, you will be personally liable to ensure that a deceased person’s tax affairs are correctly sorted and up to date, otherwise you may personally need to pay any tax debt owed by the deceased or the estate. You may also be personally liable if a successful claim is brought against the estate and you have distributed the estate too soon.
Safeguard yourself against risk
Executors are recommended to seek legal advice to guide them through their legal obligations and responsibilities at the outset and on an ongoing basis during the administration of a deceased estate. This is important to ensure not only that they are legally doing the right thing but also to protect themselves from personal liability.
An executor is typically allowed to reimburse themselves for legal advice and legal assistance they receive in the course of the estate administration so you are not out of pocket in safeguarding your interests.
We can help you stay off risk
At Estate First Lawyers, we can provide you with the legal advice and guidance you need as an executor. At our first consultation we will discuss this and other aspects of the estate administration that you might need help with. Contact us to find out more or to make an appointment today.
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