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Who is responsible for the estate?

  

Who is responsible for the estate?

Postby bainbrydge » Sat Mar 10, 2012 2:06 pm

When there is an executor of the estate is this person responsible for the home owner insurance on the house? My grandparents passed away and left their property divided between kids and their sister as the executor of the estate and she failed to pay the home owner insurance. Long story short before the will was executed the house caught on fire and this is when they found out there is no insurance on the home. Is she legally responsible for this. We live in SC.
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Who is responsible for the estate?

Postby abban77 » Sat Mar 10, 2012 2:21 pm

I found this at a site where people ask lawyers questions.

"It is worth mentioning that your sister as Executor remains personally liable to any creditors while the estate is unadministered and that she is also obliged to preserve the estate assets, which includes insuring the property. If the house burns down and she has not insured it then she is liable to the beneficiaries for the loss. That liability is personal."
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