Executor Cautions

• Executors must ensure that the administration of an estate is commenced and completed within a reasonable time. Should you fail to do this and the beneficiaries experience a financial loss as result then you could be personally liable for this loss.

• As an executor you can be held personally liable for any damage to property which has not be secured or insured.

• As an executor you must exercise caution when determining who is entitled to receive money or assets under the terms of the Will. Incorrect distributions may occur through a mistaken interpretation of the Will or failure to identify all the beneficiaries.

• If you have distributed all the assets of the estate to the beneficiaries and the estate still owes money to the tax office as executor you are personally liable to make the payment.

• Should you need to sell assets before you can distribute the estate you will need to ensure that you obtain a fair price for these assets. Should you not do this the beneficiaries have a legal right to sue you personally to recover the shortfall.

• Beneficiaries who are dissatisfied with your performance as executor are entitled to full disclosure of administration activities and may approach the court to have you removed as executor.