Executor Responsibilities

As experts in estate planning, LCO Law LLC understands that many people have questions about executor responsibilities. In this FAQ, we will answer some of the most common questions we receive.

Q: What is an executor?

A: An executor is the person or entity responsible for carrying out the wishes outlined in a person’s will after they have passed away. The executor’s primary responsibility is to manage the estate, pay off any debts, and distribute assets to beneficiaries.

Q: Who can be an executor?

A: Typically, an executor is someone named in the will by the person who created it. However, if no executor is named, or the named executor is unable or unwilling to serve, a court may appoint someone to act as the executor. All executors must be approved and appointed by the probate court before they can take any action with respect to a deceased person’s assets, creditors, or heirs. Florida law has specific requirements on who may act as an executor.

Q: What are an executor’s responsibilities?

A: An executor’s responsibilities include:

Q: How long does an executor serve?

A: The length of time an executor serves can vary depending on the complexity of the estate and any legal disputes that arise. In general, the executor’s responsibilities last until all debts are paid, and all assets are distributed to beneficiaries. This is an average of two years for uncontested probate litigation.

Q: Can an executor be held liable for mistakes?

A: Yes, an executor can be held liable for mistakes made in carrying out their responsibilities. If an executor breaches their fiduciary duty or acts negligently, they can be held personally responsible for any financial losses suffered by the estate or beneficiaries.

Q: Can an executor be removed?

A: Yes, an executor can be removed if they are not fulfilling their duties or acting in the best interest of the estate. A beneficiary or interested party can petition the court to have the executor removed and replaced with someone else.

Leave a Reply

%d bloggers like this: