Managing an estate is complex, and simple errors by executors can lead to costly legal consequences. Hadayeva Sviatlana/Shutterstock
Being named an executor of someone’s estate is a serious responsibility. Executors are responsible for locating the will, determining whether probate is necessary, and notifying banks, credit card companies, and government agencies. But these responsibilities may be the tip of the iceberg. They must follow the wishes of the will.
As part of the executor’s fiduciary duty, they must also act as a reasonably prudent person would in similar circumstances, act impartially, and be honest and fair in dealings. Ultimately, an executor must act in the best interest of the estate.
