Being an executor of someone’s estate is not to be taken lightly. It is a great responsibility that can have a range of legal implications. You are essentially ‘in charge’ of property that now belongs not only to the heirs and beneficiaries, but to creditors as well.
Everyone involved is relying on you to perform the tasks involved, and to complete the process of probate from start to finish. As an executor you have a fiduciary duty to carry out certain instructions and there are procedures in place that you must follow. These guidelines have been mandated by the state and county Probate Laws and requires that you must always act in the best interest of the estate.
If you don’t, the heirs/beneficiaries can ask the court remove you as executor and can ‘sue’ you as well. You can request payment for your services as executor, however keep in mind that whatever compensation you receive as a result is ‘taxable’. Inherited money is tax exempt. It is suggested that you consult with a tax expert to determine which route you want to take.