Generally speaking, the executor of a will cannot take everything simply based on their status as executor. Executors are bound by the terms of the will and must distribute assets as the will directs. This means that executors cannot ignore the asset distribution in the will and take everything for themselves.
While California law grants executors considerable authority in managing estate assets, the powers of an executor of a will are limited by the fiduciary duties owed to the estate and its beneficiaries. This means that executors are legally required to act in the best interests of the estate and its beneficiaries.
Executors are bound to the terms of the will, which means they are not permitted to change beneficiaries. The beneficiaries who were named by the decedent will remain beneficiaries so long as the portions of the will in which they appear are not invalidated through a successful will contest.
First and foremost, an executor cannot act in their own self-interest while administering the estate. If they do — for instance, if they sell a residential property to themselves at a discount or dip into the estate's funds — they can be subject to fines, lawsuits and criminal penalties.
The answer would be the decedent's heirs, who may consist of their surviving spouse, children, grandchildren, parents, siblings, and nieces and nephews, among others. To put it simply, even when there is no will, the administrator does not have the authority to decide who gets what.
While beneficiaries can often disagree with an executor's decisions, unless the executor clearly violates the terms of the will or breaches their fiduciary duty, there is typically nothing a beneficiary can do about it.
While executors have discretion in some areas, your core decision-making is bounded by: The deceased's will. You must follow their distribution wishes rather than diverging based on your own judgments.
No, they're obligated to follow the will's directives. Beneficiaries chosen by the decedent remain unchanged. They can only be removed if parts of the will are invalidated, typically through a successful legal challenge. Executors must respect and implement the original wishes of the testator.
In conclusion, selling a house in probate in California is a process governed by strict legal requirements and codes. Executors must navigate through court approvals, inform beneficiaries, and adhere to the probate codes to ensure a fair and lawful distribution of assets.
The executor has authority from the county probate court to act in this role, but that doesn't necessarily mean that the executor has the final say on all decisions regarding the estate. In fact, they're instead tasked with simply following the guidelines set forth by the will and other estate planning documents.
It depends. If most of a decedent's estate is put into a trust, then the trustee of the trust would have more power. If by power you mean the capacity to distribute the decedent's estate. Generally, this tends to be the case if a person creates a trust and a will during their lifetime.
Yes, in their capacity as the people who handle deceased's estates and execute their Wills, executors can move funds from a deceased's bank account to an estate account and take from it to pay estate debts, taxes, etc., but not as their own.
The executor or administrator must provide legal proof of their authority to the bank. Once approved, they are responsible for settling the deceased's debts, paying bills, and taking care of fees, taxes, and final expenses, such as funeral costs.
California has one of the most detailed schemes, which provides that the executor fee is four percent of the first $100,000 of the estate, three percent of the next $100,000, two percent of the next $800,000, one percent on the next $9 million, one-half of one percent on the next $15 million, and a “reasonable amount" ...
Executors who violate their duty may face legal action by beneficiaries or creditors, although they cannot be held accountable for a decline in asset value unless it resulted from their unreasonable actions.
The executor must ensure that the assets are distributed to the beneficiaries according to the testator's wishes and in compliance with applicable laws. Any deviation from the testator's intentions, with the intent to cheat beneficiaries, would be a breach of the executor's fiduciary duty.
If a parent wants to leave one sibling out of the will, this is legally permissible. There is no rule against disinheriting a child.
An executor of a will cannot arbitrarily decide who gets what from the decedent's estate. Their primary responsibility is to distribute the estate according to the instructions in the will. Or in the absence of a will, according to the laws of intestacy of the state where the estate is being settled.
If you're wondering whether an executor can override a beneficiary, you're asking the wrong question. An executor can't override what's in a Will. If you're a beneficiary mentioned in someone's Will, the executor can't cut you from the Will after the testator has died. You still have rights to the estate as written.
An executor can also be someone you've named as a beneficiary in your will. The role of an executor is a serious one which carries a lot of responsibility. When choosing your executor or executors you need to bear this in mind. It should be someone you trust to carry out this work.
Timeline for Settling Estates in California
The courts take steps to move the process along, and the executor of an estate generally has 12 months to complete the probate process and pay heirs or beneficiaries from the estate. This payout can only happen once all debts have been paid.
Can your executor take money from the estate? The executor is not the owner of the estate, meaning they do not have rights to the assets within the estate. They are however permitted to be paid for their duties. This does not mean they are free to take whatever sum of money they wish from the estate account.
Beneficiary Designation Takes Precedence Over A Will
If your heirs decide to fight the beneficiary designation in court, litigation can be expensive and take months.
Lawyers can charge a wide range of fees, but it's pretty common for the cost to be anywhere between $100 - $500.