Will Wednesday: Do I as executor have a financial obligation if I make a mistake?

A. People don’t typically think about the role of executor as having a personal financial risk but nothing could be further from the truth.

It’s important that people understand they are effectively pledging their own personal assets against a significant loss of estate value that is attributed to their negligence in administering the estate as the executor.
If you are asking someone to act as executor on your behalf, it’s equally important to understand the imposition.

Notaries are drafting clauses into wills to afford executors insurance protection against such risks and to provide peace of mind to all parties of the estate.