While some executors might try to tackle all the work themselves, your executor should be knowledgeable and mature enough to contact other professionals, such as an estate lawyer and/or a tax accountant, if unsure of any steps that need to be taken, says Halpern. Learn more about estate and financial planning services.
At Executor.org, we often talk to the professionals that help families after a loved one dies -- estate attorneys, accountants, funeral directors, and grief counselors. With their input we’ve come up with six warning signs that you’re choosing the wrong person for the job: 1. They aren’t interested in discussing the matter with you
If you feel your children might argue about everything, then you could appoint an unbiased third party, such as another family member or your accountant, to be the executor. Time. The executor must have the time to devote to executing the will.
Remember that choosing your executor wisely is just as important as making your Last Will and Testament in the first place. The person you choose bears grave responsibilities that will impact your family and other heirs after you die. This is educational information and not intended to provide legal advice.
7 Tips for Choosing the Right ExecutorPick Responsible Parties Only. ... Consider People in Good Financial Standing. ... Name at Least One Younger Successor. ... Don't Worry: Location Usually Does Not Matter. ... No Drama, Please. ... Don't Name Disqualified Individuals. ... Think About Someone Patient and Emotionally Grounded.
How To Stop Family Fights Over InheritanceWrite Up a Legal Will. ... Consider a Trust. ... Make Beneficiary Designations. ... Choose a Trustworthy Executor. ... Divide Assets Fairly. ... Be Specific in Your Will. ... Make a Plan To Talk. ... Utilize Existing Resources.More items...•
If you believe the executor is not performing the duties of their role, you can make a claim against them. Their duties include collecting the deceased's assets and distributing them according to the will. You should consider making a claim against an executor if they've: Sold the deceased's property at a reduced value.
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.
1. Be Honest. If you choose to leave unequal inheritance for your children, one of the best ways to avoid hurt feelings and resentment among your children is to have an open and honest conversation with them about why you made your decision.
According to recent research from Ameriprise, while only 15% of grown siblings report conflicts over money, nearly 70% of those conflicts are related to their parents. The top three topics of discontent are: How an inheritance is divided. Whether one sibling supports his or her parents more than the other siblings.
If a beneficiary believes that an estate is not being properly administered, then it is possible for them to apply to the court to substitute or remove an executor or personal representative.
Ways an Executor Cannot Override a Beneficiary An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.
In general, the courts will only remove an executor if the beneficiaries can show the following:the executor has become disqualified since the deceased appointed him.the executor is incapable of performing his duties.the executor is unsuitable for the position.
Co-executors are legally required to work together Co-executors will need to work together to deal with the estate of the person who has died. If one of the executors wishes to act alone, they must first get the consent of the other executors.
Where there are multiple executors, they can act on their own (severally) or as a group (jointly). However, the act of one of them is deemed in law to be an act of all of them. This means that even if the other executors disagree with the action/decision of another, the action/decision is still binding.
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.
An executor is someone named in your will, or appointed by the court, who is given the legal responsibility to take care of any remaining financial obligations. Typical duties include: 1 Distributing assets according to the will 2 Maintaining property until the estate is settled (e.g., upkeep of a house) 3 Paying bills for the estate 4 Paying taxes on the estate 5 Making court appearances for the estate
Distributing assets according to the will. Maintaining property until the estate is settled (e.g., upkeep of a house) Paying bills for the estate. Paying taxes on the estate. Making court appearances for the estate. The money to perform these duties comes from the estate itself.
When dealing with end of life issues, people often get overwhelmed. Whether you're deciding who should be your executor, or if you've been named the executor of a will, it doesn't need to be complex or stressful. Here are some simple guidelines.
Whether they should or not, people read into your decisions and assume you are making judgments regarding their worthiness (e.g., naming the youngest child as the executor of a will because he or she is a lawyer or accountant may still be construed as favoritism). Another basic consideration is the executor's location.
If the will is complex, or if significant court time is required, an executor may want to hire a lawyer to assist in the handling of the estate, also at the estate's expense.
Some states require out-of-state executors to obtain a bond to insure the estate against wrongful use, so ensure that whoever you choose can cover such a bond and check your state's laws. Each state's laws are different, so always look into your state's laws before naming an executor.
Honesty as a virtue speaks for itself. People often overlook, however, the necessity of being organized and the ability to communicate. The distribution of the will can become a mess if it is handled by someone who simply lacks these key qualities.
The most important quality your executor must have is responsibility. You don’t have to be an attorney, accountant or a financial planner to be an executor. You just have to be responsible enough to hire the right people to help you, address estate matters quickly, effectively communicate with beneficiaries and make hard decisions when necessary. Remember that an executor gets paid a commission for doing his work, so you should expect him to pursue his responsibilities as he would for any other job.
It is not unusual to only draft one will during your lifetime, and since wills do not expire your estate may be probated using a will that is more than 40 years old. Of course, many things can change during that time. While you only need to name one executor to make your will valid, you should try to name at least one additional younger, healthy successor executor who is likely to outlive you in case you only draft one will during your lifetime and your first choice of executor dies before you, or chooses not to serve.
When you pass away and your will is accepted for probate, your executor “steps into your shoes,” meaning he or she can perform all the legal tasks you used to do. This includes selling your property, paying creditors, bringing lawsuits, reviewing medical records and distributing your assets to others. Clearly, acting as an executor is an important ...
This is often the case where two siblings don’t like each other, or when one child took care of her parent the last several years of her life and is receiving the same bequest as her brother, who didn’t even call his parent during that time . If only one of the parties is named as executor she may use the position to exact revenge on the other individual by causing delays, adding hardship or just being mean.
People with many creditors and liens against them, individuals with no credit history and those who have declared bankruptcy are not good choices, since they often can’t get bonded.
Mistakes can easily be made, clerks may disagree on their approach to authenticate documents or court procedures, and middlemen will get confused. Do not be fooled: Probate work is hard for executors, bureaucrats and hired professionals.
Remember that minors cannot serve as executors, and if you do name a person who is currently not a minor it is usually best to only allow him to serve if he has attained a certain age, since many 18-year-olds may not be ready to handle executor tasks. 7. Think About Someone Patient and Emotionally Grounded.
Executors should have a well-rounded experience and comfort level managing assets and a comfort level with basic finances, taxes and the upkeep of property. Often, some basic skills are lacking in some individuals, and should be avoided if better alternatives are available. Not every skill is required of any executor, but the more skilled the executor is, the less chance the executor will mess up. At the very least, the executor of a modest estate will not have to spend money from the estate hiring someone to provide for every single need.
If you can afford it, an attorney (or better yet an attorney limited to probate) can perform as an executor extremely efficiently. Probate attorneys already do just about everything an executor needs to do. Attorneys can carry out payment of debts and distributions much more quickly and efficiently than non-attorneys.
Some religious leaders do act as executors from time to time. Each source is free to make up their own policy on whether they participate as executors. Some clergy members only provide this service to poorer individuals who have little or no family, or in cases where the church is a significant beneficiary. A clergy can be an excellent choice, since church receptionists and secretaries have some skill in bookkeeping and money management – plus some technology helpful in settling an estate.
For example, you may choose to name your brother-in-law as executor because he is an attorney and fully able to fulfill the duties of the position. However, if he and your sister later divorce, you may want to find someone to replace him.
Before you talk to possible executors, you should have a good understanding of the assets you have and rather any of them require specific expertise to distribute.
2. Review your state's legal requirements. As a basic matter, executors generally must be a U.S. citizen over the age of 18 who has not been convicted of a felony. Some states also require your executor to be a resident of the state where you live or where the bulk of your property is located.
Using an attorney or financial planner also provides you with the assurance that your estate will be managed correctly and distributed according to the letter of the law. Using an institutional executor such as a bank can be beneficial for large estates, since additional personnel can be assigned as necessary.
These duties may last for months or even years, depending on the size and complexity of your estate. For a small estate, it's common to appoint your spouse or an adult child as your executor, since they typically have a personal interest in moving the estate through probate smoothly.
If this happens and you haven't identified an alternate, the probate court will appoint someone who may not be to your liking.
You may also want to have co-executors to deal with a fractured or contentious family. Communication skills are important for an executor, but if you've chosen an executor who doesn't get along with particular members of your family, you may want to choose a co-executor who can work better with them.
If you are asked to be an executor, there are issues you should contemplate before saying yes: Relationship with family. Realistically assess any personality conflicts there may be with family members.
The executor must have the time to devote to executing the will. An executor follows the wishes outlined in a will by gathering up the estate assets, paying the deceased’s debts and dividing the remainder among the beneficiaries.
You can opt out of being an executor, but you must do so before you begin to deal with any of the estate assets. Once you start, the only way you can be relieved of executor responsibilities is by a court order. This is why you should name an alternate executor in your will.
Under Texas law and local practice, when there is more than one person who is an heir, hiring an experienced Probate Attorney is required by the Courts. This is required because the executor or administrator owes a duty to the heirs in an estate, but unless that person is also a lawyer, that person is prohibited by law from representing the other heirs in a Court. In your situation, you two are named as...
Co-executors is rarely a good idea. It may be good for the estate's attorney, bit it usually gets complicated and protracted, and, nor incidentally, expensive. The more friction between the co-executors, the more complicated, protracted, and expensive. Your best bet is finding an attorney whom you both trust. That will go a long way toward avoiding problems.
An executor is required by the court to act lawfully and will face legal ramifications if it’s determined they haven’t, so there is a system in place to prevent improper behavior. That said, the court can’t oversee every one of the 100+ steps in the process and others in your family probably can’t either.
4. They don’t get along with other members of your family. Sometimes one of the most important roles an executor plays is that of peacekeeper . After a death, grief and sadness can place a lot of stress on a family and let’s face it, sometimes even previously healthy family relationships crumble under the strain.
But despite your best efforts, it is possible your executor will have to make decisions on your behalf or interpret your wishes because they aren’t completely clear or written down. If you fear they won’t be able to make decisions in keeping with your beliefs, morals, faith, goals, etc., pick someone else.