answersLogoWhite
Ask
Life Insurance
Estates
Probate

Can an executor keep a death benefit by law without being named as a beneficiary?

808182
Answer

Top Answer
User Avatar
Wiki User
2016-04-04 18:31:41
2016-04-04 18:31:41

The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.

Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.

1
0

Related Questions

User Avatar

The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.

User Avatar

Yes, the executor is entitled to compensation. They may also be a beneficiary.

User Avatar

The beneficiaries' estate will get their share. The executor will continue to process things according to the will.

User Avatar

Unless specified otherwise in the will, an executor is entitled to compensation for their work. Anything they inherit is a separate accounting.

User Avatar

The executor has a duty to the estate. The price must be a fair market price and the beneficiary cannot choose what that is.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.