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What if the Executor is a non family member and has also been named beneficiary of items in the estate?
Wiki User
∙ 10y ago
Anyone can be appointed as executor. And anyone can be named a beneficiary. It is often done to take care of friends.
Wiki User
∙ 9y ago
Wiki User
∙ 8y agoThey apply for the letters of authority and execute the will. Unless the family contests the will, there shouldn't be a problem.
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Can a executor be beneficiary of a will and insurance policy of the decedent?
Yes, it is very common that a member of the family be named as executor.
Can your family member who is executor and beneficiary of estate refuse to pay deceased debts?
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.
How do you change the executor of an estate after the death of the family member My brother is executor and wants nothing to do with estate. How can I become the executor?
The executor can file a resignation with the court and you would petition for appointment as the successor.
Can you decline your fee as an executor?
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.
What happens when a beneficiary of a will dies before his or her share of the inheritance can be distributed?
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.
How can you change the executor of a will after the death of the family member from a solicitor to another family member?
You have to apply to the probate court. If they find it in the best interests of the estate, they may allow it.
How should you choose an executor for your will?
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.
What is the fee an executor of an estate receives in Washington DC?
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.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
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.
Can the executor of an estate also be a beneficiary?
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.
Can daughter because she took care of sick father make brothers repay 40000 to the estate if these were loans?
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.
How does a family member apply to become executor of estate if executor is deceased?
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.
