Given the magnitude of the responsibilities and the intimacy of the role, you may want to name a close friend or relative as executor, someone who fully understands and respects your wishes, as well as those of your beneficiaries, and who might handle your sentimental heirlooms and other property more sensitively than ...
Although it's common for people to name one of their children as their executor, you don't have to. In some situations, it's better for you to choose another person for this important role.
In summary, while your children should be at least 18 years old, their maturity, financial understanding, and willingness to take on the role are equally important factors to consider when naming them as executors of your estate.
There are many risks to be being an executor of a will or administrator. It can be a demanding role, requiring an ability to manage competing interests, navigate the wishes of beneficiaries and deal with potentially complex legal and financial issues including inheritance tax.
Being an executor can come with certain risks and challenges, such as: Personal Liability: Executors may be held personally liable for mistakes or mismanagement of estate assets. Complex Legal Procedures: Navigating probate court and legal requirements can be overwhelming without proper guidance.
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.
If you are thinking which child should be executor, it's important to think about whether you can trust them to follow the instructions in your will and to be able to deal with any disagreements fairly.
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.
In most cases, the executor of a will is going to be the deceased person's spouse, especially if their estate is being left to the spouse, according to Morgan. If the estate is going to the children, then the child getting the majority of the property will be named executor of a will.
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.
Naming Your Child as a Beneficiary Can Saddle Your Child's Guardian with Burdensome Legal Obligations. The guardian of the property has many legal obligations. This person must obtain permission from a judge to buy and sell certain assets and may be required to obtain permission before using the money for the child.
An executor should be someone who's trustworthy, financially responsible, organized and respected by the beneficiaries. It helps if they live in the area, are likely to be in good health when the person passes away, and aren't overwhelmed with other responsibilities like caregiving or an overly demanding job.
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.
If you wish to serve as executor, you would also request that the court appoint you to this role. If you do not wish to serve as executor, an alternate executor can instead file this petition. Along with the petition, the alternate executor should state that you do not wish to serve in the role.
Lawyers can charge a wide range of fees, but it's pretty common for the cost to be anywhere between $100 - $500.
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.
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.
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.
Traditionally, many people name their oldest adult child to be the executor of their estate – but this is done out of a sense of propriety, not necessarily rationally.
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
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.
However, an executor cannot withhold money simply at their own discretion or for personal reasons. Executors have a fiduciary duty to act in the best interests of the estate and its beneficiaries, so any withholding must be justifiable and transparent.
In California, executors can make a move on estate property for themselves, but only in some instances and only with all the legal boxes ticked. This type of decision gets a very close look by the court because, let's face it, it's easy for conflicts of interest to pop up.