Devastavit claims against executors who mismanage estates or squander assets

In brief – Executors of a deceased estate must act responsibly, methodically and prudently

A recent devastavit claim related to the collapse of Allco Financial Group is a reminder to executors that when dealing with estate assets, they must exercise the same standard of care as that expected of a trustee.

Duties owed by executors of a deceased estate

The duties owed by the executors of a deceased estate to the beneficiaries of the estate must be considered and adhered to very carefully. If the executors do not discharge their duties, they may face claims that they have committed a "devastavit" on the estate and find themselves liable to compensate the beneficiaries of the estate for any losses suffered as a result of the executors' actions.