An executor is someone who makes sure that the wishes of a deceased as expressed in a will are fulfilled. The executor must find and value the assets of an estate. The executor must determine and pay the debts of the estate, such as funeral bills. The executor must distribute the remaining assets of the estate to those specified in the will.
You must administer the estate in an honest and good faith manner. You may be liable if you fail to do your job correctly. For example, if you distribute the proceeds before paying taxes, you may have to pay the taxes out of your own pocket. If you distribute the proceeds incorrectly, someone may bring an action against you. If the value of the estate falls because you failed to take action, you may be liable to the estate.
Last Reviewed: July 22, 2015