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Understanding The Role Of Executor

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Have You Been Appointed as an Executor of a Will?

Executors can be held personally liable for the decisions they make in the course of estate administration. Although you will be acting in good faith, errors – or disagreements and the perception of errors – can result in the executor and the estate being sued by beneficiaries.

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  • Broad Protection for Lawsuits against the Estate
  • Maintain Family Harmony
  • Very Low Cost to the Estate
  • Peace of Mind to the Beneficiaries and Executors
  • Protect the Estate Assets for the Family
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Our Executor Planning Guide may be helpful in planning for the duties of the estate executor:

  • Obtaining the probated will;
  • 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;
  • Liquidating the assets of the estate.

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Download Your Free Executor Guide

Get more details about your role as an executor and learn your next steps with our free Executor Guide.

Understanding The Role of The Executor

Resources and Benefits to the Estate

Estate Risk Protection Plan President, CEO, Scot Dalton and estates lawyer Ian Hull discuss the potential benefit of having an insurance policy in place to protect against the liabilities arising out of the administration of an estate.

Real Life Examples of

Lawsuits Against An Executor

$400,000
In Lost Assets
Joan was co-executor with her brother. Given that she lived out of province, she let him handle the estate finances. He lost $400,000 through mismanagement of investments. The beneficiaries sued for $400,000 in lost assets, and despite Joan pleading ignorance, both executors were required to pay equally.
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$15,000
In Rental Income
James is acting as executor for his friend Matthew's estate. Shortly after Matthew's death, James allowed Matthew's newly divorced son to live in the house rent free while he got back on his feet, believing that this is what Matthew would have wanted.
Matthew's other children feel that their brother should have paid about $15,000 in rental income, which would go to the estate.
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$65,000
In Legal Costs
Jessica was appointed executor of her grandmother's estate. After Grandma passed away, Jessica decided to have a garage sale to sell everything in the house. An oil painting was sold for $10. One of the beneficiaries asked Jessica what happened to the valuable painting Grandma had, and sued Jessica for neglecting to get an appraisal on the artwork.
Jessica had to repay the estate $65,000, and pay her legal costs.
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$100,000
In Loses
Sam was particularly frugal which is why Mom picked him as executor. In keeping with his nature, he decided to save money and sell the family home privately. Twelve months later, Sam is sued for material representation of the house conditions, particularly as it related to substantial foundation cracks. The purchasers are awarded almost $100,000 and all estate assets have been distributed.
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