Legal Question in Wills and Trusts in Florida
Probate
In regards to an estate in probate. Is the executor liable for any loss in value if the assets suffer a significant decline in value before distribution of a estate? And does the probate estate have a higher personal exemption for income tax purpose than does a trust?
Asked on 2/17/06, 9:00 am
1 Answer from Attorneys
Re: Probate
The Personal Representative has a duty to the estate to safeguard the assets. The PR who steals or invested in penny stocks and lost would be liable. I do not see them being liable if a reasonable investment happened to lose money or if the loss was not their fault.
Answered on 2/17/06, 12:15 pm
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