An executor is the person who administers a person's estate upon their death. The primary duty is to carry out the wishes of the deceased person based on instructions spelled out in their will or trust documents, ensuring that assets are distributed to the intended beneficiaries.
It's a trick question—if there isn't a will, technically there can't be an executor. But there will be someone who takes on all the responsibilities of an executor. That person will be called the administrator or the personal representative, depending on the custom in your state.
When someone dies, the person responsible for administrating the estate of the deceased is the executor. The executor confirms the assets, pays any amounts owing, and transfers remaining funds or assets to the beneficiaries.
During the probate process, all of the person's property goes into their estate. An estate is all of a person's property after their death. Any debts are paid from the person's estate and any gifts are made from the person's estate.
Is power of attorney valid after death? Unfortunately, if the principal dies, a power of attorney ceases to exist. The purpose of a POA is for the agent to act on behalf of the principal when the principal is unable to carry out their own legal matters.
Banks freeze access to deceased accounts, such as savings or checking accounts, pending direction from an authorized court. Generally, banks cannot close a deceased account until after the person's estate has gone through probate.
No. The term next of kin is in common use but a next of kin has no legal powers, rights or responsibilities.
If the estate is small and has a reasonable amount of debt, six to eight months is a fair expectation. With a larger estate, it will likely be more than a year before everything settles. This is especially true if there's a lot of debt or real estate in multiple states.
Withdrawing money from a bank account after death is illegal, if you are not a joint owner of the bank account. ... The penalty for using a dead person's credit card can be significant. The court can discharge the executor and replace them with someone else, force them to return the money and take away their commissions.
A beneficiary is anyone you name in your Estate Plan who will ultimately benefit from your estate. The benefits could be in the form of money or anything else you pass down. Beneficiaries are an important part of your plan, as they give purpose and guidance for what you're leaving behind.
All deceased estates will be distributed in terms of the Intestate Succession Act. ... When the deceased leaves only spouses and no descendants, the wives will inherit the estate in equal shares.
An heir is a person who is legally entitled to collect an inheritance when a deceased person did not formalize a last will and testament. Generally speaking, heirs who inherit the property are children, descendants, or other close relatives of the decedent.
Siblings - brothers and sisters
In the event that the deceased person passed away with no spouse, civil partner, children or parents then their siblings are considered to be the next of kin.
This means that the beneficiaries in order of preference are: the spouse of the deceased; the descendants of the deceased; the parents of the deceased (only if the deceased died without a surviving spouse or descendants); and the siblings of the deceased (only if one or both parents are predeceased).
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.
Settling an estate starts with finding and collecting information about any estate planning documents the deceased persona, referred to as the decedent had. These documents appoint someone to handle the estate, care for minor or disabled dependents, identify estate assets and where they are located.
While an executor does have the power to interpret the Will to the best of their abilities, they can't change the Will without applying for a variation of trust. In some rare cases, a Will may be changed by the court through an application process if it's obvious that some of the Will's directives are outdated.
Most assets can be distributed by preparing a new deed, changing the account title, or by giving the person a deed of distribution. For example: To transfer a bank account to a beneficiary, you will need to provide the bank with a death certificate and letters of administration.
If you have not given someone authority to make decisions under a power of attorney, then decisions about your health, care and living arrangements will be made by your care professional, the doctor or social worker who is in charge of your treatment or care.
If one of the children has already died, their share is divided equally between their own children (the grandchildren of the person who died). If there is no surviving spouse or civil partner and no living children or grandchildren, everything is split between the living parents.
In this context, the next of kin is the spouse. Inheritance rights use the next of kin relationship for anyone who dies without a will and no spouse or children. Surviving individuals may also have responsibilities during and after their relative's life.
The main way a bank finds out that someone has died is when the family notifies the institution. Anyone can notify a bank about a person's death if they have the proper paperwork. But usually, this responsibility falls on the person's next of kin or estate representative.
If the bank account is a custodial account that names you as the pay-on-death beneficiary, you must request a certified copy of the death certificate from the state's office of vital records and present it to the bank with identification. The bank should then release the money to you and allow you to close the account.