An executor or administrator who is derelict in his or her duty is personally liable for damages caused in the administration of the estate. Liability may arise from improperly managing the assets of the estate, failing to collect claims and moneys due the estate, overpaying claimants, selling an asset without the authority to do so, or at an inappropriate price, neglecting to file tax returns on time, distributing property to the wrong beneficiaries, etc. This means that the personal representative might wind up paying for the loss out of his or her own pocket.
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All content is for informational purposes only. It is also only intended to relate to Mississippi Estate Planning Law. If other states are mentioned, they are mentioned as an example only. No legal advice is provided in this content. Laws change so you need to check for any updates by current laws in Mississippi.
