Executors must be made aware that they are not protected from personal liability. Even honest mistakes, such as distributing assets before all debts are identified, can leave them responsible for any shortfall.
Common Risks
– Premature distribution, paying beneficiaries before settling debts.
– Unknown debts, hidden creditors may emerge later.
– Incorrect creditor priority, especially in insolvent estates.
– Incomplete searches, failing to identify liabilities.
DIY Administration Risks
Handling the estate without a solicitor can lead to legal errors, creditor claims, tax issues, and personal financial loss.
Takeaway
Solicitors provide essential legal protection and ensure that debts are settled correctly and legally, shielding executors from personal financial loss. To avoid errors arising and incurring personal liability, it is advisable to engage a solicitor who has the expertise in dealing with the law and will guide the executors through their role and responsibilities.
If you have any questions our specialized team is here to help.
You can contact McCormack Solicitors on
Email: info@carolmccormacksolicitors.ie
Phone: 071 9621846
www.carolmccormacksolicitors.ie
Disclaimer:
The contents of these pages are provided as an information guide only. While every effort is made in preparing material for publication no responsibility is accepted by or on behalf of McCormack Solicitors for any errors, omissions or misleading statements on these pages or any site to which these pages connect.