I am executor to my deceased mothers estate. I was notified that a family member withdrew a $12000.00 advance from my mother'...
Full Question:
I am executor to my deceased mothers estate. I was notified that a family member withdrew a $12000.00 advance from my mother's credit card account. As executor of my mother's estate, if cannot cover this, what personal liability will I have as the executor?
09/04/2007 |
Category: Wills and Estates |
State: Pennsylvania |
#8418
Answer:
An executor is generally not personally liable on claims or lawsuits against the deceased person or the estate itself, unless he or she was negligent or engaged in some sort of wrongdoing. State law may hold the executor personally liable if such funds or assets are not properly applied, distributed, and safeguarded. If the estate is insolvent so that available assets cannot fully satisfy all debts and claims, they must be paid in the order of priority. Failure to do so could cause the personal representative to be liable to a creditor who should have been paid.
