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An executor (where there is a will), administrator (if there is no will) - sometimes referred to as the Personal Representative - is responsible for administering the property and possessions of the deceased in accordance with the terms of their will or the law in cases of intestacy.
If the deceased person made a will, it will have indicated those people or organisations (often their solicitor) they wished to take responsibility for administering their estate (dealing with the distribution of their possessions, monies, assets, etc).
A PR is responsible for administering the property and possessions of the deceased in line with their wishes and the law. They have the legal authority to do so and are ultimately liable for any mistakes made. This responsibility lasts for the duration of the administration of the estate and any ongoing trusts that might be created.
A PR can be held personally financially liable for any loss resulting from a breach of their duty. This could cover failing to pay off debts or tax or a failure to identify and correctly distribute assets (including those initially not known about) to the beneficiaries.
A trust can also be created to hold money or investments with trustees being responsible for its management. A dispute could arise if the trustees failed to properly manage the trust, causing a loss.