An executor often has contractual obligations that it must adhere to and enforce on behalf of the Estate. The deceased, at the time of their death, often has several ongoing contracts that bind its estate, which in turn bestow the executor with corresponding duties to administer those obligations. These contracts can cover many different areas (debt obligations, shareholder agreements, personal service contracts, employment agreements, etc.). The executor must identify, assess, and either perform or properly repudiate these obligations, ensuring that valid claims are paid in accordance with statutory priorities while protecting estate assets for beneficiaries. At the same time, the executor should avoid premature distributions, ensure that steps are taken to notify creditors of the deceased’s death, and properly assess the validity of any claims against the estate or seek court directions, so as to avoid personal liability.

Topics

• Executor’s responsibilities in complying with and enforcing contractual obligations
• Buy-sell provisions in shareholder agreements
• Satisfying debt obligations on behalf of the Estate