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What are the people called in a will?
The people named in a will are referred to as "beneficiaries." Beneficiaries are individuals or entities designated to receive assets, property, or benefits from the estate of the deceased. Additionally, the person responsible for managing the estate and ensuring the terms of the will are carried out is called the "executor."
What does it mean to be the executor and a heir?
It means they are responsible to administer the estate. They will also receive some of the estate as an heir.
Can you pay for your fathers funeral out of his money if you are designated his executor on his will?
I'm not an attorney but in my experience the answer is yes - that is one of the reasons people make sure there is money in their estate.
When someone dies and that person has a insurance policy who gets paid first the funeral home or the nursing home?
Usually neither one because most insurance policies get paid to a beneficiary. That is a person who is designated as the person to receive the policy benefits. Most people that have a Will, probably will designate a Executor to help follow the wishes of the deceased, usually the Will details how the money left in the estate is to be distributed. The Executor has many responsibilities and some of those include paying outstanding debts, he or she usually has some discretion in deciding who or what to pay and in what order.
What to do when all assets stolen by sibling before estate probated?
The executor or administrator of the estate should sue those people for the wrongful taking of the decedent's money. If the sibling who stole the money is the executor or administrator, you can bring an action in the probate court to have that person removed as executor or administrator and have another person appointed who would sue for the return of the money.
What happens if the executor dies before the estate is distributed?
AnswerUsually 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.AnswerThe 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.AnswerThe 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.
Can someone be designated to open your mail?
Yes. This is a common practice for people who receive a lot of mail; celebrities generally designate someone (or even several people) to open their fan mail, for instance.
Can a Executor lock a Beneficiary out of an estate?
Yes, they can lock them out. The executor must preserve the estate. That may include removing people from the property and selling it.
Can you as the executor make people move out of the house to be sold?
You certainly have the right to do so. The property belongs to the estate. The executor has the ability to sell the property.
The Executor in a Will is deceased. Can a sibling of the deceased now be appointed?
The court will look at the Will to determine if an alternate executor is named. If not, then the state probably has a list of people, in order, who should be named as administrator of the estate. Relationship to the deceased executor is irrelevant.
Can relative be an executor of your estate?
It depends on the laws of the particular state where the will is being executed concerning the executor.
Is executor responsible for deceadents debt?
The executor is only responsible for paying the decedent's debt up to the amount of the assets left. An executor sees that the funds available get paid to the right people. The funeral home is one of the first businesses that get paid.
