Property & Debts of the Estate

The executor is responsible for managing the assets and debts of the estate.

The executor is in charge of safeguarding estate assets and paying estate debts--and as always when other people's money is involved, you're held to the highest legal standards. You must be extremely conscientious when it comes to managing money and property in the estate, because you'll be required to account for all of it when it's time to close the estate. If you can't show where certain items or money went, you could be personally liable for the loss suffered by the estate and the beneficiaries.

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