I think the executor of the will does so as part of probate, not as an independent entity.
It can be either someone named, or appointed by the court, but it is under the umbrella of probate.
If anything weird happens the beneficiaries would need to challenge with the court as it goes through probate. Creditors also make and and all claims with the probate court and it is up to the executor to pay off debts (which may not be previously known by the deceased or executor).
It's not just something people decide to do on their own, it needs to be done with court oversight so debts get paid off fairly and everyone has recourse if things get dicey.
If the executor handles things on their own, they could be held responsible if it's later challenged, or it could look like they were withdrawing funds quickly to get out of paying debts or taxes.
If nothing is ever challenged, then I can't see any risk. It just looks like the deceased passed with no assets.
Remember that people's memories differ and what seems fair today, is not fair later on when financial problems arise. You know the story when it comes to money.