An executor is not usually personally responsible just because someone challenges a will. In New Jersey, the executor’s main job is to handle the deceased person’s estate. This includes collecting assets, paying off debts and distributing the remaining assets according to the will. Liability can come up if they fail to fulfill these duties properly.
When someone contests a will, it means they are questioning whether the will is valid. This does not necessarily mean there is a problem with how the executor is managing the estate.
When can an executor be held liable?
If you are an executor, you may be personally liable for:
- Mismanaging the estate’s assets: Mismanagement can lead to financial losses for the estate. This can happen if you make poor investment decisions with the estate funds. It can also happen if you fail to keep accurate records or pay creditors in the correct order of priority.
- Breach of fiduciary duty: As an executor, you have a duty to act in the best interest of the estate and its beneficiaries. Using the estate’s assets for personal gain or engaging in activities that create a conflict of interest are a violation of this duty. Neglecting to act with due diligence and care may also count as a breach of duty.
If you have specific concerns or face complex challenges, it’s wise to consult with legal professionals.
What can an executor do if someone contests a will?
The executor must continue to manage the estate properly while addressing the claim. It’s highly advisable that they work with a probate attorney, who can help them in:
- Reviewing the will and gathering evidence to support the will’s validity
- Keeping beneficiaries informed about the status of the claim and any potential impacts on the distribution of the estate
- Responding to any legal actions related to the will or negotiating settlements
Throughout the process, an executor must continue to fulfill their fiduciary duties. This includes managing the estate’s assets responsibly and keeping accurate records.
Get clarity on your situation
Being an executor is a daunting task. Dealing with a legal claim that the will is invalid can make a difficult role even more challenging. Seek professional legal counsel when necessary.