Does the executor of the estate assume responsibility for any unpaid debts?
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Does the executor of the estate assume responsibility for any unpaid debts?
Asked on June 25, 2015 under Estate Planning, Michigan
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
No, they do not. An executor will pay whatever bills they can, depending on just how much money is in the estate. To the extent that there is insufficinent funds to pay off all creditors, then those creditors will remain unpaid. The executor does not become legally liable for their payment.
That having been said, if the executor did not properly fulfill their duties as executor (i.e. they intentionally mishandled estate matters or were negligent if doing so) the estate could sue them for breach of their fiduciary duty.
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