How is an executor different from a beneficiary?

How is an executor different from a beneficiary?

For estate administration, there are a few different individuals involved. First, an individual should have a will made during their lifetime in order to rule about their estate. When they make their will, they should have chosen an executor to be in charge once they have died. This individual has major responsibilities for estate administration. They are involved with the collection and distribution of assets. Executors also have to pay off any debts or taxes that are left behind by the deceased individual. Beneficiaries are those individuals who are named in a deceased individual’s will to receive a possession or some part of their estate. These individuals do not have responsibilities to tend to as executors do. As a beneficiary, they just have to collect the possessions that were left to them by the deceased.

Can the role of executor be someone other than the one named in the will?

If the executor fails to do their part, they may be replaced by another individual. As the individual named in the will by the deceased person, they should be carrying out their duties as an executor in a productive way. 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. When signs of corruption are shown by the executor, it can be seen as a wrongdoing in their role. This can lead individuals to believe that they should be removed as well. 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.

What is a will?

A will is a legal document that is made by someone during their lifetime. Their will should include guidelines as to how their estate will be administered upon their death. They will name beneficiaries of their estate and an executor to help accomplish tasks. A will needs to go through probate to be proven to be legally binding.

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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