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.
For example, even if you're the sole beneficiary of the estate you manage as the executor, it will be necessary to pay all valid creditor claims before providing yourself with an inheritance.
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.
The executor of a will can take everything only if they are the sole beneficiary of a decedent's estate and all of the decedent's debts have been paid.
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.
An executor/administrator of an estate can only withdraw money from a deceased person's bank account if the account does not have a designated beneficiary or joint owner and is not being disposed of by the deceased person's trust.
Serving as an executor or trustee is a significant responsibility that requires careful consideration. While there are benefits, such as personal satisfaction and potential compensation, there are also drawbacks, including time commitment, emotional strain, and potential legal liability.
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.
No. Typically, an executor cannot arbitrarily decide who receives which property.
Executors are legally empowered to withhold money from a beneficiary if there's a legitimate and lawful reason, such as unsettled debts, taxation issues, or ongoing estate litigation.
As executor, it is your responsibility to locate the original will and submit it for probate. It is a good idea to get it now and make sure you are keeping it in a safe place.
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.
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.
An executor should be someone who's trustworthy, financially responsible, organized and respected by the beneficiaries.
It is important to note that executors have a duty to the act in the best interests of the estate. This means they can take legal action against a beneficiary if it comes to light that the beneficiary may have engaged in misconduct that harmed the estate.
If an executor is ignoring you, they are in violation of their fiduciary duties. You should hire a qualified lawyer as soon as possible to try and turn the situation around. Something else beneficiaries can do to avoid being ignored by the executor is to play an active role in administration.
Before an executor can provide any funds to a beneficiary, they have to ensure that all the deceased's bills, taxes, and estate administration expenses are paid. The executor must notify any known creditors of the death so those creditors can make a claim against the estate.
Lawyers can charge a wide range of fees, but it's pretty common for the cost to be anywhere between $100 - $500.
The Drawbacks of Being an Executor
Being an executor can be very time consuming, depending on the complexity of the estate. There can be seemingly endless phone calls to make, trips to the courthouse, and documents to mail.
It's important to distinguish—the estate's assets do not belong to the executor. They belong to the estate. As a fiduciary, the executor must manage the money in the estate account, but they cannot take it for themselves.
It feels like a compliment to be asked to serve as an estate executor or trustee, but you shouldn't say yes until you have a sound understanding of what the responsibility will include and why you're being asked to do it.
An executor may overrule beneficiary wishes if it is necessary to comply with a will's terms or a court order, though they cannot unilaterally reduce inheritance payments or alter will terms without following legal and ethical boundaries set out by both state law and the will itself.
If you contact the bank before consulting an attorney, you risk account freezes, which could severely delay auto-payments and direct deposits and most importantly mortgage payments. You should call Social Security right away to tell them about the death of your loved one.