If you have asked someone to act as your estate executor, are acting as an executor currently, or expect to act as an executor, you need to understand the personal liability that goes with the executor role and know that it is not covered by your home or automobile insurance.
- Executors are legally and financially liable for their activities and the decisions they make as representatives of the estate.
- There are least 18 common areas of risk that can result in the loss to creditors, beneficiaries, charities, and others who have contracted for services with the deceased party or their estate.
- Executors can be called upon to defend their conduct and reimburse the estate for errors that cause financial loss, even if they act for little or no compensation.
Good Information Is Available Now To Help You Understand And Plan For The Role
- Contact our office to obtain information that is important and helpful for you and your family, whether you are planning your will, acting or named as an executor, or expecting to inherit a gift in an estate.
- Review the Estate Risk profile on the next page and consider whether your own estate or the estate of someone you plan to act for should obtain more information.
Beneficiaries Are Counting On You
- An ERAssure® executor liability insurance policy can help protect you, the estate assets and ultimately the beneficiaries.
The estate executor is an important and honourable role. It’s also one that requires the protection and peace of mind afforded by the executor and estate liability insurance.