If the person who the deceased selected to serve as executor is not interested in taking on this obligation, the court will not appoint that individual as executor. Instead, if there is a backup executor named, then the court will appoint the backup executor.
Appoint a Judicial Trustee for Administration Proceedings
A Judicial Trustee to be appointed. This removes the Executor and replaces them with a Court appointed Trustee, whom will then continue to administer the Estate.
No, an executor cannot override or modify the terms of a will, with few exceptions. In fact, as a fiduciary to the estate beneficiaries, executors are legally required to abide by the will throughout the probate process, including the distribution of assets to the named beneficiaries of the will.
Answer: Just because you are nominated as executor of a Will does not mean that you must serve. You can renounce your rights as executor and decline to act by simply signing and having notarized a Renunciation of Nominated Executor form and filing it with the Surrogate's Court in the county in which your aunt resided.
If an executor/administrator is refusing to pay you your inheritance, you may have grounds to have them removed or replaced.
The challenge to the executor must be in the best interest of the estate, not from a place of jealousy or contempt. When contesting an executor, you must present compelling evidence in probate court in front of a judge. A lawyer can help you prepare or collect and present the evidence on your behalf.
Yes. An executor can sell a property without the approval of all beneficiaries. The will doesn't have specific provisions that require beneficiaries to approve how the assets will be administered. However, they should consult with beneficiaries about how to share the estate.
Because executors are placed in a position of trust they are held to the highest standard of care. As such, if they breach that duty of care, they may be held personally liable for the damage that comes as a result of violating that trust.
No. An executor of a will cannot take everything unless they are the will's sole beneficiary. An executor is a fiduciary to the estate beneficiaries, not necessarily a beneficiary. Serving as an executor only entitles someone to receive an executor fee.
If two or more executors disagree, it's possible to get an executor removed by the court if it best serves the estate (in other words, to make sure your possessions are distributed as you wanted). When no substitute executor has been named, the court also has the legal right to appoint a replacement.
The executor needs to pay any debts owed by the estate. He or she needs to make sure that the estate has paid all taxes. After paying the debts and caring for the assets of the estate, the executor will oversee the distribution of the remaining estate assets to the beneficiaries.
Beneficiaries Can Take Legal Action to Hold a Will Executor Accountable. ... Whether they are withholding specific financial information or denying a potential beneficiary access to the will altogether, legal action may be required.
You're responsible for clearing the estate's debts
If a creditor comes forward after the estate has been settled and assets have been distributed, again, the executor will be personally liable.
The executor is authorized to receive money and manage the assets of the estate, but he can't withdraw or transfer assets from the estate. At a final hearing and after notice to interested parties, the court determines who should get distributions.
If the executor of the will has abided by the will and was conducting their fiduciary duties accordingly, then yes, the executor does have the final say.
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.
If the executor fails to live up to their legal obligations, a beneficiary can sue them for breach of fiduciary duty. If there is more than one beneficiary, all beneficiaries must agree in order to sue an executor.
The beneficiaries can take the executor to the court, which might result in the court forcing the executor to give a full accounting of financial transactions. The court can also remove the executor or prevent the executor from receiving a fee.
The executor will need to wait until the 2 month time limit is up, before distributing the estate. Six month limit to bring a claim – in other cases, it can be sensible for the executors not to pay any beneficiaries until at least 6 months after receiving the grant of probate.
As long as the executor is performing their duties, they are not withholding money from a beneficiary, even if they are not yet ready to distribute the assets.
An executor may have to apply for a special legal authority before they can deal with the estate. This is called probate. ... Although there are some exceptions, it is usually against the law for you to start sharing out the estate or to get money from the estate, until you have probate or letters of administration.