If you take on the role as executor then you may be personally liable if you pay out money from the estate to the beneficiaries before paying off all of the deceased’s debts.
One way to protect yourself is by placing notices asking for creditors to contact you if they believe the estate owes them money. These notices should be placed for a minimum of two months after which you, as executor, would be protected from any future claims regarding the debts. If you have been made aware of a debt during or before the notice period then you would remain liable personally if you did not repay that debt from the estate.
It is important to note that the creditor is still able to claim their debt through the beneficiaries of the estate to obtain what they are due. You, as executor, however would be protected and the cost of these notices can be paid from the estate.
If you would like to discuss how we may be of assistance to you in the administration of an estate please do not hesitate to contact us.