How can executors make the beneficiaries of an estate feel safe?
May 12, 2021 · It is important for beneficiaries to keep in mind the ways an executor cannot override a beneficiary. An executor cannot change beneficiaries’ inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.
Who can force an executor's hand to finalize an estate?
Mar 03, 2020 · It is appropriate for executors to request that beneficiaries sign a release and indemnity before they make any distributions from the estate assets. The timing of the request in relation to making any distributions is important. However, if any beneficiary refuses to sign such a document, then the executor cannot force any beneficiary to do so.
Can executors require beneficiaries to sign a release before receiving inheritance?
Jan 08, 2020 · The executor always has the obligation to act in the best interests of beneficiaries. However, executors can also petition the court if they feel that a beneficiary is attempting to stall the deal indefinitely or is otherwise acting in an unreasonable manner. Additionally, the executor can decide to proceed with a sale if the will of the testator doesn’t provide specific instructions. …
Can executors and beneficiaries be the same person?
Jun 18, 2019 · The role of executor can be a real challenge. You’re likely grieving, trying to catch up on life, managing the expectations of multiple stakeholders, and …
Why do beneficiaries have concerns about the executor of the estate?
Most of the time, when beneficiaries express concern about an executor of the estate overriding them, it is because the executor is planning to take an action with which they disagree. For example, the executor may decide to sell estate property that one or more beneficiaries were hoping to receive as part of their inheritance.
What is the role of executor in a trust?
Executors are fiduciaries, which means that they must act in the beneficiaries’ best interests at all times. If the executor is failing in this duty, beneficiaries should consult with a beneficiary lawyer about how to remedy the problem.
What is a beneficiary lawyer?
Borrowing money with the loan secured by an encumbrance upon real property. Beneficiaries who are concerned about an executor selling property they wish to inherit or taking any other undesirable actions should consider hiring a beneficiary lawyer to enforce their beneficiary rights.
Can an executor change a will?
As noted in the previous section, an executor cannot change the will. This means that the beneficiaries who are in the will are there to stay; they cannot be removed, no matter how difficult or belligerent they may be with the executor. The only exception to this rule would be if a beneficiary were to lose a will contest surrounding a will ...
What does an executor do?
Something an executor must do, however, is pay off the decedent’s creditors and taxes. Doing this may reduce beneficiaries’ inheritances if the estate does not have enough funds to pay, since it is legally required for executors to pay creditors before beneficiaries.
Can you evict someone who refuses to leave?
However, if other beneficiaries are entitled to the property, or if the property needs to be sold during the course of estate administration, an eviction may be required, especially if the tenant refuses to leave willingly.
Can an executor override a beneficiary?
Ways an Executor Cannot Override a Beneficiary. It is important for beneficiaries to keep in mind the ways an executor cannot override a beneficiary. An executor cannot change beneficiaries’ inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray ...
Can beneficiaries be advised against indemnifying executors?
Certain types of beneficiaries may be advised against indemnifying estate executors, even when they may be personally motivated to do so. Trustees or directors of charitable trusts and corporations, for example, have a fiduciary duty to act in the best interest of the charity and to ensure that its objects are carried out.
Do beneficiaries have to sign release and indemnity?
Is it appropriate for an executor to ask beneficiaries to sign a release and indemnity prior to receiving a distribution from an estate? Although non-indemnified executors may face potential personal liability for their work as estate trustees, the beneficiaries of estates are not obligated to sign such releases and indemnities which are presented to them before receiving any distribution of their inheritance. [1] Indeed, in the case of charitable beneficiaries, agreeing to indemnify an executor may even violate the directors’ fiduciary duties to the charity.
What is an executor?
An executor is a person who steps in to help administer the estate of a recently deceased person. It’s the job of the executor to ensure that others follow the wishes of the deceased individual. Everyone who creates a will has the right to choose an executor. If someone has a will but dies without naming an executor, ...
What does it mean to close out an estate?
Closeout the estate of the deceased by paying taxes, debts, and any other related expenses. When someone accepts the role of executor, he or she makes most decisions regarding the will and estate of the deceased. This is true even when the deceased didn’t express all wishes clearly in his or her will.
Is probate a long process?
Probate is a long and complicated process for anyone. It can be especially challenging when grief is raw due to the recent death of a family member. If you have recently inherited a property you would like to sell, HomeGo can help by providing a same day cash offer.
Can an executor steal from an estate?
However, an executor can’t steal from the estate, refuse to communicate with beneficiaries, or needlessly delay payments. Any of these situations could be grounds for removal by a judge.
What to do if executor refuses to finalize estate?
If an executor refuses to finalize an estate after a written demand, the interested party should contact the probate court and request a hearing to close the estate. This is done by filing a motion along with evidence that the executor neglected his duty to finalize the probate file.
What is the role of executor?
An executor’s duties include gathering assets, notifying creditors, paying valid claims, and distributing assets to beneficiaries.
Why do people refuse to be executors?
They may be unable to act for health or emotional reasons, or simply because they don’t have the time . If a person appointed in a will does not want to take on the job of being a personal representative, he or she cannot be compelled to do so.
Who manages a deceased person's estate?
An executor manages a deceased person’s estate and a beneficiary is an individual who will inherit that property. While the executor and beneficiary can be the same person, you should give it some thought when drawing up your Will. YouTube. Ascent Law LLC. 502 subscribers.
What is the job of executor of a deceased person?
The executor must ensure the deceased’s assets are accounted for, debts paid, and estate taxes filed, if necessary. The executor is also responsible for ensuring there are as much of the deceased’s assets to distribute to the beneficiaries as possible.
Who is responsible for probate?
The executor is entrusted with carrying out each step of the probate process to ensure the deceased person’s wishes are properly carried out. If a person dies without a will, or intestate, the court will name an administrator to oversee the probate process.
Is probate complex?
Depending on the estate in question and the laws of the state, the probate process can be quite complex, but there is a structure to the process. Distribution of the assets of the estate to beneficiaries named in the will or to heirs under intestate succession usually come at the end.
What is an executor adviser?
The Executor Adviser is an advice column created by Executor.org for Legacy. Executor.org's experts aim to help readers with questions about executorship and provide comprehensive, free online resources to guide executors through this complex process.
How to minimize potential issues?
Open communication with beneficiaries can minimize potential issues. If you’re communicating regularly with beneficiaries about the decisions you plan to make, you’ll likely build consensus around those decisions. Regularly telling them to come to you with concerns may also help minimize problems.
What does it mean to be honest and ethical?
You want to be honest and ethical. You want to deliver the most possible value to the beneficiaries — including yourself. You want to stay out of legal trouble. So even with the complexity of the role and the many distractions you’re likely dealing with in your life, your desire to do a great job should be strong.
What happens if a beneficiary leaves a will?
If, for example, the decedent left a will leaving the home to a named beneficiary (Bill, for instance), then Bill has a valid right to be on the property, and an executor likely will not be able to evict him. Unless the gift is somehow invalid, the court will follow the decedent's instructions and allow Bill to remain on the property, even if the executor or the other beneficiaries do not think it fair or the proper result.
What is a beneficiary in a will?
A beneficiary is someone who has an interest in the decedent's property. Often a beneficiary is a close friend or family member who takes something from the will. While executor authority may be broad, it does not necessarily allow him to evict a beneficiary from property. Advertisement.
What is standing in eviction?
"Standing" is a legal term referring to a party's ability to bring a lawsuit. An executor may lack the necessary standing to bring an eviction action against the beneficiary. For example, in one New York case, an executor sought to evict the beneficiary (an infant) and the beneficiary's mother from a condominium that the beneficiary had a valid interest in, because the mother had not been paying the use and occupancy fees; the executor had been. The trial court initially allowed the executor to maintain the action, but at the appellate level, the ruling was reversed. The executor was found to have no interest or title in the condominium, and therefore could not maintain an eviction action.
Can an executor serve a summons?
The matter may turn on other issues. For example, even if the executor could maintain the action against the beneficiary, the executor should still follow the applicable eviction laws regarding notice and proper service of the summons and complaint. In a California case, the executors of an estate sought to evict a tenant from the decedent's property. The court held that the tenant was never properly served with a summons or complaint, so the court that originally granted the eviction had no jurisdiction to do so. Because of the legal nature of this matter, readers should seek independent legal advice before proceeding.
Who can force an executor to finalize an estate?
Only parties with legal standing can force an executor to finalize an estate. Individuals with a legal interest in an estate have standing. Examples of interested parties would be beneficiaries and heirs, or conservators or guardians named in a will. An interested person first must come forward to force an executor's hand to finalize an estate.
What to do if executor refuses to finalize estate?
If an executor refuses to finalize an estate after a written demand, the interested party should contact the probate court and request a hearing to close the estate. This is done by filing a motion along with evidence that the executor neglected his duty to finalize the probate file.
What is the legal duty of an executor?
An executor has a legal duty to gather all estate assets for distribution to a decedent's beneficiaries and heirs. She must always act in good faith and deal expeditiously on behalf of the estate. An executor is obligated to finalize an estate by turning over estate assets to the heirs and giving a final accounting to the court.
What is the law in New York?
New York’s Penal Law (the Criminal Law) states that “A person steals property and commits larceny when, with intent to deprive another of property or to appropriate the same to himself or to a third person, he wrongfully takes, obtains or withholds such property from an owner thereof.”. [4] The estate is the owner of the funds. ...
Can an executor be removed?
The executor can be removed by the judge on the case. The court will force the executor to return the money. The court might order the executor to pay for his own attorneys’ fees as opposed to using estate funds to pay for his attorney’s fees.
Can an executor take money from an estate?
The executor can only use estate funds to pay the legitimate expenses of the estate, taxes and legal fees. Whether you are a beneficiary who thinks that the executor is taking money from the estate, or if you are an executor and you feel that you are being falsely accused of taking money from the estate, you can speak with New York estate attorney ...
The Executor’s Role
- An executor is an individual who is in charge of managing a deceased person’s estate. An executor’s duties include gathering assets, notifying creditors, paying valid claims, and distributing assets to beneficiaries. An executor has a fiduciary duty, which means an obligation of utmost loyalty; he or she must not take actions that would benefit him or herself or other ben…
A Beneficiary’S Rights
- A beneficiary is the individual or individuals named in a will that will inherit property from the deceased. Anyone can be a beneficiary, a spouse, children, other relatives, friends, and even charities. Beneficiaries have rights that entitle them to information about the estate from the executor. Beneficiaries may ask what assets are included in the estate, how much debt the estat…
Downsides
- The beneficiary is the one who benefits from the executor’s work, so if you have a number of beneficiaries, it may be easier to separate those roles in order to simplify relations among all parties. The executor has an equal responsibility to each beneficiary to ensure the property that the deceased wanted them to have, gets passed on. If one of the beneficiaries is also the execut…
Distribution of The Estate
- The length of time it takes to successfully complete the probate processcan depend on the complexity of the estate, as well as state law. In most cases, beneficiaries should expect to receive their portion of the estate in a timely manner, but ownership will not transfer until the end of the probate process. Remaining assets are distributed in accordance with the terms of the wil…
When An Executor Refuses Or Is Unable to Act
- When an executor refuses to act, beneficiaries of the will may become upset because the executor is the only person who can ensure the estate gets distributed. Fortunately, there is a process for the reluctant appointed personal representativethe term used for executor, administrator, or trustee is to renounce the appointment. The first step is to determine whether t…
The Rights of Beneficiaries to Wills
- A beneficiary is an individual or entity to whom a deceased benefactor known as a decedent bequeaths real and personal property, cash or other assets.The will defines the decedent’s intended beneficiaries and the inheritance they are to receive. Named beneficiaries have certain rights to the estate and their inheritable assets. However, beneficiaries are not necessarily entitl…
Designation and Inheritance
- A beneficiary is entitled to know that a will names her as a beneficiary, along with the full inheritance the decedent assigned to her. The executor is obliged to notify the beneficiary that she is named within the will, and to provide her with information regarding what she is to receive. However, the beneficiary is not entitled to receive, appraise or view her inheritance until probate …
Probate and Estate Attorney Free Consultation
- When you need legal help with a will, trust or other estate matter in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.