Successor agent liabilities

FreeFall

New Member
Jurisdiction
New York
I am looking into estate planning and I hear a lot of horror stories of designated agents abusing and defrauding the estate. I am considering several candidates as agents however, I am concerned of the worst case scenario. I want to get it clear that they are all good people, however, no one can predict the future and I want to make sure at least whoever becomes a successor agent is not exposed to any liability that that could be caused by the preceding agent. I also want to give them the option of backing out.

Does the successor agent share any liabilities if the previous agent has been been negligent or engaged in any criminal activity that is connected with the estate?
Is the successor agent relieved of liability?

If a person agrees and signs on as a successor agent at any point are they allowed to change their mind and refuse to act as the agent or they are legally bound to that role?
 
I hear a lot of horror stories of designated agents abusing and defrauding the estate.

How many is "a lot"? You understand that the millions of estates that get administered without issue don't result in stories written about them, so the only stories you're going to hear are read are about the minority of cases where something goes wrong.

I want to make sure at least whoever becomes a successor agent is not exposed to any liability that that could be caused by the preceding agent.

First of all, is your estate really such that you think it's likely there will be more than one administrator/executor? Second, why do you think it's even a possibility that a successor administrator might have liability for what the predecessor did?

Does the successor agent share any liabilities if the previous agent has been been negligent or engaged in any criminal activity that is connected with the estate?

No.

Is the successor agent relieved of liability?

A successor administrator is only liability for his/her own action or inaction.

If a person agrees and signs on as a successor agent at any point are they allowed to change their mind and refuse to act as the agent

An administrator/executor may resign at any time.
 
Back
Top