The executor must act in the best interests of the beneficiaries when carrying out the terms of the will. He may not put his own interests above those of the estate and must avoid any activity that could be construed as fraud. It may be considered a breach of the executor's fid...
Assets that pass directly to named beneficiaries, such as life insurance policies or 401Ks, are not included in these calculations. Real estate is not included in the above calculations, either, unless sold. If it is not sold, then the court will separately assign a just and reasonable exe...
Administrator: A person appointed by the court to handle an estate when there is no will or the will does not name an executor. Trustee: A person appointed to manage assets held in a trust for the benefit of beneficiaries. Personal Representative: A legal term used in some states to descri...
If the debts exceed the assets, potential beneficiaries aren’t responsible for paying them. Before paying any debts, the executor must confirm the estate’s assets can cover them. If not, a probate judge will prioritize the creditors. If the deceased person didn’t keep a detailed account ...
Executors are responsible for making sure the deceased person's wishes are carried out and that the estate is wrapped up. An executor's duties include applying for probate, paying taxes and bills, managing the deceased person's property, distributing assets to the estate’s beneficiaries, and fi...
Does an executor have to show accounting to beneficiaries? Whether you are a beneficiary or an executor of an estate, you may be asking the question, does an executor have to show accounting to beneficiaries. The answer is,an executor of an estate does not have an automatic obligation to fi...
An executor is someone named in a decedent's last will and testament to settle their estate. This can involve paying the deceased's outstanding debts and selling assets to raise the cash to do so. The remaining estate property is bequeathed to beneficiaries named in the will. ...
If the beneficiaries suspect the executor of unlawful acts, they should contact a probate attorney or a theft crime attorney immediately. How to Protect Yourself If you are a beneficiary of a testator and you suspect that the executor is stealing from your inheritance, seek help. It is not ...
Paying Debts and Honoring Bequests through the Abatement Process 21MondayAug 2017 PostedbyRobert DowlinginProbate ≈Leave a comment Tags Abatement,Abatement Process,Administration Expenses,Administration Plan,Attorney,Beneficiaries,Bequests,Claims,Common Executor,Creditors,decedent,Estate Assets,Estate Expenses,...
A:An Executor/Trustee has a duty to preserve and make all assets productive for the benefit of all beneficiaries. This means that you have a duty to charge your brother rent because he is benefiting from the property and you and the other beneficiaries are not. One way to handle this is...