Estate administration involves decisions that are made before some dies. Individuals should have a will in place and other legal matters arranged to handle the distribution of their estate.
During this process, executors play a crucial role. Executors have specific responsibilities to carry out when the individual of an estate they are representing dies. Upon the individual’s death, the executor must file their will in the Surrogate Court to allow the official probate process to begin. This can begin the estate administration process.
The executor can be in charge of the finances involved for the estate. They may have to go through the estate’s finances to make sure there are no remaining debts or taxes that need to be paid. If there are, they may have to pay them off. The executor must also collect and distribute assets that are to be given to beneficiaries of the estate. By failing to do their tasks, a beneficiary can file a motion to have the executor removed from their position. If someone believes that the executor is not acting in the best interests of estate, they can be removed for this. Signs of corruption by the executor can be seen as an abuse of power of their role. This can lead individuals to believe they should be removed from having power of the estate. A judge can oversee this case and make the decision if the executor should be removed or not. They may decide to remove the individual from their role as executor and then appoint a new executor to carry out the responsibilities needed the complete the process. Although the executor of the estate can be named in the deceased’s will, they can be removed from the role and replaced if deemed necessary.
How is a beneficiary involved?
Beneficiaries do not have responsibilities to carry out like an executor does. There can be many beneficiaries as opposed to only one executor for an estate. A beneficiary collects whatever possession is named to them in the deceased’s will. This can give them a sentimental item or a piece of property. The beneficiary can be comforted knowing that they meant something to the deceased individual. Beneficiaries do not have to do much during estate administration. However, if the executor is not fulfilling their duties, a beneficiary can file a motion with the court to reveal this. This can then lead the beneficiary to take on the role if the judge appoints them to that position.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.