Risks of being an executor
There are some risks if you are an executor of an estate.
You can be held responsible if any of the following happen:
- people named in the will lose money because you caused unnecessary delays
- property is damaged or destroyed if it wasn’t properly looked after
- you make a mistake when giving money and belongings to people named in the will
- you don’t pay debts and taxes from the estate before giving money to people named in the will.
You may need to become a trustee if someone named in the will is not yet over 18 years old. Read more about trusts.
You may be responsible for making sure someone in the will receives money over a longer period of time.
This can require good money management over a number of years.