Role of an executor: The executor named in a will is responsible for managing the estate, paying debts and taxes, and ensuring the remaining assets are distributed correctly to beneficiaries.
Risks and responsibilities: Executors can be held personally liable if debts are not paid in the correct order, if money is given to the wrong person, or if the terms of the will are not followed. They must also check beneficiaries’ status, such as bankruptcy, before making payments.
Timeframe and support: While estates are often expected to be completed within a year, complex cases can take longer. Executors are usually only reimbursed for expenses and should seek professional legal advice if disputes, debts or challenges arise.