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Jane is the sole executor of her father's will. The will provides for a number of specific legacies and leaves the residue of the estate to Jane and her siblings. Jane is concerned about the potential liabilities that may arise during the administration of the estate. Which of the following best describes Jane's responsibility as the executor?
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As the executor, Jane is responsible for accounting for all the assets and liabilities of the estate. She must ensure that all debts and liabilities are paid from the estate's assets before distributing the remaining assets to the beneficiaries. Executors are not required to use their personal funds to pay the estate's debts unless they have acted negligently.
Key Point: Executors are responsible for accounting for the estate's assets and liabilities, ensuring debts are paid from the estate's assets, and distributing the remaining assets to beneficiaries. Executors are not personally liable for the estate's debts unless they have acted negligently.
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