Anyone can be appointed as executor. And anyone can be named a beneficiary. It is often done to take care of friends.
They apply for the letters of authority and execute the will. Unless the family contests the will, there shouldn't be a problem.
Yes, it is very common that a member of the family be named as executor.
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed.
The executor can file a resignation with the court and you would petition for appointment as the successor.
Yes. Most, if not all, states allow an executor to waive their fee. This is common where the executor is also an estate beneficiary, as the fee is taxed as income to the executor. Although this general answer is provided by an attorney, it should not be taken as legal advice regarding your particular situation and no attorney-client relationship is established. For help with your particular legal situation, please consult with an attorney.
If there are no stipulations in the will as to what should be done in the event one of the beneficiaries should die, then the state probate succession laws apply. The executor should contact the probate court for instructions as to the manner in which the deceased beneficiary's share of the estate is to be distributed.
You have to apply to the probate court. If they find it in the best interests of the estate, they may allow it.
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
There is no set fee, the executor is appointed by the person making the will and could be anybody, even a member of the family or a trusted friend.
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Yes. It is common for a beneficiary to be also named the executor. The contents of a Will remain private until the death of the testator so the person who is named as executor may not be known until the Will is read. As the role of an executor is merely to distribute the assets of the deceased in accordance with the terms of the Will of the deceased, an executor will have no say in how the Will is prepared or to whom the assets should be distributed. Therefore, there is no legal reason why an executor should not be named as a beneficiary in a Will. In fact it is quite often preferable for a family member (and beneficiary) to act in the role of executor. That arrangement is frequently used in wills executed by husband and wife or life partners where each leaves the entire estate to the other and names the other as the executor.
The daughter cannot demand the money, but the executor of the estate can. This sounds like a good time for a non family member to be the executor. The loans are a part of the assets of the estate.
You apply to the probate court. There is normally a package of documents that have to be filled out and submitted to the court. Consult a probate attorney for specifics.