Yes
Spouse. A spouse may be the primary or only devisee under a will, acquiring all the assets of the deceased. She may also be the named executor in the will. Probate may merely be the process through which all property of the decedent is conveyed to her after payment of all debts owed by the estate. Advantages. Executors are commonly compensated for their services. Someone who stands to inherit under the terms of your will may be more inclined to waive payment for acting as executor. Since the estate pays the fee, it is probably going to be deducted from his bequest to some extent anyway. Since the job of an executor is to pay your debts and taxes, then distribute the balance of your estate to the beneficiaries, it creates a conflict of interest for a beneficiary to disburse funds from the estate that would otherwise go to him if those debts were declined for payment. Report Abuse. yes a beneficiary can act as an executor, usually one is appointed by probate attorney, by family of deceased, or it may be stated in the deceased persons will. Remember, the executor must remain neutral and decisions made on behalf of the estate. Yes you can. This is actually recommended. The only time that an executor who is not a beneficiary should be named is if a beneficiary is under the age of 18 because someone under this age cannot inherit his/her share until they reach 18. The only thing a beneficiary can't do is be a witness of that will It is up to the executor to decide. If the ex … ector decides to administer the estate, he or she can be paid a fee (amount varies by state and county). The executor is not a beneficiary and the beneficiary is not the executor. If an … executor decides to sell it instead and give the cash to the beneficiary, the beneficiary can reject that decision and insist on receiving the asset itself rather than a cash equivalent. Also, in some states, residuary beneficiaries are entitled to receive things like stocks and bonds in kind. Beneficiary. A beneficiary is a person or an entity, such as a charity, who is named to receive assets from an estate, a trust or an insurance policy. A person drafting a will may name individuals and organizations as beneficiaries. Beneficiaries can be a spouse, children and grandchildren, relatives, friends and even pets. The executor must locate the decedent’s assets, file the will in probate court if necessary, notify agencies of the death, establish a bank account in the name of the estate to accept incoming funds and pay expenses, and distribute remaining property to beneficiaries and heirs. This person is referred to as a personal representative or executor. Since family members are often the most trusted people in the testator's life, one or more of them are frequently named as personal representatives even though they may also be devisees, or beneficiaries, under his will. She may also be the named executor in the will. Probate may merely be the process through which all property of the decedent is conveyed to her after payment of all debts owed by the estate. Disadvantages. Since the job of an executor is to pay your debts and taxes, then distribute the balance of your estate to the beneficiaries, it creates a conflict of interest for a beneficiary to disburse funds from the estate that would otherwise go to him if those debts were declined for payment. Actions taken by an executor during the probate of an estate are usually monitored by the court, so the opportunity for any actual wrongdoing by an executor who is also a beneficiary is limited. If your estate is small and all your beneficiaries are next-of-kin, the choice of an executor may not be as critical. Since the job of an executor is to pay your debts and taxes, then distribute the balance of your estate to the beneficiaries, it creates a conflict of interest for a beneficiary to disburse funds from the estate that would otherwise go to him if those debts were declined for payment. A Trustee is a person who is usually your Executor and is a person who holds your property on behalf of others while your estate is being administered. Frequently, Trustees are appointed to hold your estate for the benefit of infant children while they are under the age of eighteen. An Executor's Duties An executor is appointed in a will to administer the estate after the death. It is usual, and sensible; to seek the agreement of the executor before the appointment is made. After the death, the executors' duties are defined in what is called 'the executor's oath.' The duties are in general.
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can an executor be a beneficiary