Legal Question in Wills and Trusts in New York
Executor of an estate
If you agree to be an executor/executrix of a persons will and estate, do you assume all the debts for that persons estate and can you be held personally responsible for their debts if their assets do not total their debt?
2 Answers from Attorneys
Re: Executor of an estate
Your taking on the job only entails marshalling the assets (locating them, evaluating them, getting them into an estate account so bills and expenses can be paid, liquidating them and paying them out to the heirs). You have no personal obligations and have only responibility for the estate assets. If the assets were to be insufficient to meet the estate debts, you have no responsibility.
Re: Executor of an estate
Not at all. As Executor, you marshall (collect) the assets and distribute them to the heirs in accordance with the terms of the will. Incidently, you also are entitled to an Executor's commission of approximately 3% of the estate. You are only liable for wrongful acts or neglgence.
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