0
Can executor who is also a beneficiary get an advance payment from the estate?
Wiki User
∙ 12y ago
The executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it. This amount is separate from the amount they are to receive from the estate.
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoThey certain can obtain payment for their services. This would be done as a claim against the estate and is separate from their bequest.
Add your answer:
Earn +20 pts
Does the executor work for the beneficiary?
No, the executor works for the estate. The estate will pay the executor a reasonable fee. The beneficiary has limited direction that they can give the executor.
Does the executor receive the estate in the UK?
No, the beneficiaries receive the estate. An executor could be a beneficiary
Can a beneficiary sell the estate?
A beneficiary does not have the right to sell the estate. Only the executor can sell property.
Can executor borrow money from the estate if they are the sole beneficiary?
Yes. I don't think 'borrow' is the right word, however, as the sole beneficiary will be entitled to the entire estate. An 'advance' would more likely be the correct term.
Can an adult child be an executor and a beneficiary?
An adult child can be the executor. They can also be a beneficiary. They are required to be impartial when distributing the estate.
Is the beneficiary of a deceased person usually the executor?
It is relatively common to for a beneficiary to be executor. They are more likely to get the estate closed quickly.
Can a executor of an estate change or depute a beneficiary choice?
No.
Does an executor get anything from the estate?
The executor does not have to be a beneficiary. The court can appoint any responsible person to serve in that capacity.
Can your executor be disinherited in your will?
There is no requirement for the executor to be a beneficiary. If it is a natural heir, it would seem to be a bad idea to make them distribute the estate and not get any of it. Or it may be that the payment for settling the estate is sufficient for them. It can be legally done, but you might want to think about it carefully.
Can executor and beneficiary be the same?
Yes, that is often the case when a spouse dies. It saves the estate money.
Can an executor write checks from the estate account to himself?
Yes, if they have a right to the money either as a beneficiary or as payment for their work. They have to provide a full accounting to the court.
Does a lawyer have a fiduciary duty to only the executor of estate or all the beneficiaries of said estate?
The attorney has a fiduciary-client relationship with the executor. Note that if a beneficiary believes they have a valid cause of action against the executor for mishandling the estate the beneficiary must retain their own legal representation. The attorney who is handling the estate will represent the executor.
