Don’t put yourself on the hook

Being the executor of an estate should cost you nothing personally, other than your time. But there are situations in which you could be held financially liable if a problem arises. Settling all the deceased’s debts is one of these.

It’s your job to make sure all creditors are identified and paid. It’s a good idea to advertise for creditors, usually in local newspapers. Arrange for the payment of any debts, and funeral and testamentary expenses, including probate costs. If you do not do so, and a creditor turns up after all the money in the estate has been paid out, you as executor will be responsible for settling the debt.