An Executor owes legal fiduciary duty to the estate’s beneficiaries and is obligated to carry out the Will according to its terms and to act with good faith and honesty. The Executor must manage the estate assets capably and address all issues that may arise. An Executor could be personally liable should something go wrong with the administration of the estate.
One of the costliest mistakes an Executor can make is cashing out a retirement account – that is just one possible pitfall. The cost of hiring an attorney to probate an estate is not expensive and less frustrating and cost efficient in the long run.