Executor responsibilities and legal duties
Executors owe fiduciary duties to beneficiaries. Breach can create personal liability. Here's the full list.
Executors have five core duties: to administer the estate in accordance with the will and the law, to act in the beneficiaries' interests, to account to beneficiaries, to avoid conflicts of interest, and to preserve the estate's assets. These are fiduciary duties – breaching them creates personal liability.
Duty to administer per the will
The executor must follow the will's terms exactly. Deviation requires beneficiary consent or court approval. Even small deviations (e.g. paying a beneficiary early from a gift that was to be held in trust) can breach this duty.
Duty to act in beneficiaries' interests
Beneficiaries' interests come first. Executors can't favour some over others, and can't use estate assets for their own benefit. Conflicts of interest are strict – if the executor is also a beneficiary, independent advice is often necessary.
Duty to account
Executors must provide accurate, complete accounting to beneficiaries. This includes an inventory at the start, regular updates during administration, and a final accounting before distribution. Refusing to account is grounds for court applications.
Duty to preserve assets
Estate assets must be protected during administration – insurance maintained, property secured, investments prudently managed. Executors can be liable for loss caused by negligent management.
Consequences of breach
Breach of duty creates personal liability. Beneficiaries can sue executors for losses caused by the breach. In serious cases, the court can remove the executor. Executors with concerns should seek legal advice early.
Summary
Executors owe fiduciary duties to beneficiaries. Breach can create personal liability. Here's the full list.
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Disclaimer: This article is general information only and does not constitute legal advice. Estate planning is deeply personal - every family's circumstances are different. For advice specific to your situation, please contact Rosewood Succession Solicitors.