What’s the difference between an executor and a beneficiary?

Although estate administration is done by the individual who owns the property, there may be other people involved in the process. When people plan for their estate administration, they can name beneficiaries and an executor. These individuals have duties to uphold after the individual dies. With these roles, beneficiaries and executors are making sure that the deceased individual’s wishes are being followed. These individuals may be named in the will that the deceased person has completed before they passed. An executor takes on a more active role in comparison to beneficiaries. Beneficiaries of an estate are individuals who are receiving an asset or possession from the deceased individual. The property that is to be inherited by them is stated in their will.

What responsibilities does an executor perform?

Once an individual dies, examining their will is important for estate administration. An executor should be named in the will to perform duties after the death. They may have to pay off any taxes or debts that the person left behind. This may require them to meet with attorneys, accountants or any other professional in that field to complete the tasks that are required of them. The role of an executor is an important role. It is assigned to finish tasks that were left behind by the deceased. The executor is in charge of bringing the will to probate. Then they can gather the assets so that they can be distributed to the correct beneficiaries. This role is important to make sure that the beneficiaries are receiving what is given to them in the will.

Can the executor of an estate change?

If the executor proves to be negligent or abuses their power, they can be replaced. As the individual named in the will by the deceased person, they should be carrying out their duties as an executor. By failing to do so, a beneficiary can file a motion to have them removed. If someone believes that the executor is not acting in the best interests of estate, they can be removed for this as well. Signs of corruption by the executor can be seen as a wrongdoing in their role. This can lead individuals to believe they should be removed. A judge can oversee this case and make the decision. They may decide to remove the individual from their role as executor and then appoint a new executor to carry out the responsibilities needed the complete the process.

Before taking any sort of legal action, it is important to discuss your legal matter with an experienced attorney. Contact The Radol Law Firm to discuss any divorce and family law matters you may be faced with.