Executor Responsibilities in Estate Management: Are They Obligated to Settle Debts?
Executor Responsibilities Defined
The role of an executor is to manage the deceased's estate, but it is critical to understand that they are not obligated to deal with the debts of the deceased. Being named executor means overseeing the estate's assets and ensuring proper distribution according to the will.
Understanding Debt Obligations
It is a common misconception that executors must pay off the deceased’s debts. However, the truth is that an executor is not personally liable for settling these obligations. This insight is important for executors, as well as surviving kin, like the deceased’s next of kin, such as a son, who also holds no legal obligation to pay such debts.
Key Takeaways
- Executors manage estate distribution.
- They are not required to pay estate debts.
- Next of kin are typically not liable for deceased's debts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.