Usually the next of kin will be sought after by a company "In Trust". Children of the deceased will be sought out, or if there are no existing children it can go to a sister, brother, parent of the deceased.Answer
The court will appoint a new executor. The residual amount then goes into the estate of the person who was to get the remainder and then their estate will distribute as appropriate.
The court will appoint a new executor. As to the residuary legatee, it depends on when they died. If they were deceased at the time of the death of the testator the gift will lapse unless there is language to the contrary in the Will. If the gift lapses and there is no successor residuary legatee, the residuary will be distributed according to the laws of intestacy as though there is no Will.
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
An executor is charged with acting in the best interests of the deceased and adhere to the stipulations of the will. An executor may acquire money from the estate if: 1. there are specific stipulations in the will that the executor is entitled to funds as compensation for their efforts. 2. The executor is a named beneficiary of the will, a situation that often happens with couples.
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