More time may be required than most people realize to fulfill the duties of a will executor. In addition to ensuring that assets are distributed to the correct beneficiaries, you must also take care of the deceased’s debts, liquidate accounts, and other unrelated matters.
Many executors are lawyers or accountants who may not have had a close relationship with the dead. But frequently, the executor is the deceased person’s spouse or a close relative (the person who has died). In some situations, one of the beneficiaries specified in the will may also serve as the executor of the will. Although that might seem weird, it happens rather frequently.
Could Will’s executor Also Be a Beneficiary?
Yes, to answer briefly. It’s typical for a will’s executor also to be a beneficiary. This makes sense because knowledgeable executors can carry out their responsibilities more effectively. In addition, someone who was close enough to the deceased to qualify as a beneficiary would be familiar with all of that. In some circumstances, the probate court system favors beneficiaries acting as executors. In numerous states, beneficiaries are given preference over others when probate courts select executors.
The only common circumstance in which a beneficiary could not also act as executor is if that person lacked the necessary qualifications. For example, this would be the case if she was younger than 18, had previously been convicted of a felony, or in some circumstances, if she was a non-relative living out of state.
The benefits of a beneficiary acting as the executor are very obvious. First, you most likely had a close relationship with the dead if you were a beneficiary. If you didn’t, it’s unlikely the decedent would have left you a legacy.
Consequently, having a close connection to the decedent will do your job as executor much simpler. It will be simpler to notify more beneficiaries because they will probably be members of your family or close friends. Finding the dead’s assets will be easier because you might have talked about it with the decedent before she passed away. These procedures might take longer or be more complicated if the executor was a lawyer or accountant with little prior contact with the decedent.
The executor fee has been deducted from the estate and might reduce the inheritance. But, then, you and your fellow beneficiaries in the scenario when you act as both the executor and the single beneficiary, which may be waived. You could avoid losing any inheritance to taxes by not paying the fee. This is because executor fees are taxed as ordinary income, and estates are only subject to taxes above a particular level.
Unfortunately, there is always the chance of unfavorable outcomes when a will’s executor is also one of its beneficiaries. It’s never easy to lose someone close to you. To manage the person’s estate daily, the grieving process will slow down. It might also be challenging if a will name more than one beneficiary as the executor.
For instance, the executor could need to use assets that would otherwise go to beneficiaries if the estate has significant debts to pay off. There is an inherent conflict of interest here. The executor may need to decide how his bequest may affect the legacies of the other beneficiaries. This is why it’s crucial to confirm that anybody you designate as a beneficiary.
What obligations does the executor have to the beneficiary per the estate planning lawyer?
Being the executor of a will entails magnificent responsibilities that must fulfill fulfilled carry out of the decedent’s desires. Here are some tasks you might perform if you have been designated as an executor as per an estate planning lawyer:
- Find the will.
- Obtain legal counsel.
- Determine and safeguard the deceased’s property.
- Reread the choice and inform the beneficiaries as necessary.
- Inform all other necessary parties.
- Keep on paying your expenses as you go.
- Start allocating the estate’s assets.
- Finally, prepare documents to close the estate.
Despite the possibility of conflicts of interest, beneficiaries frequently act as executors. When that’s the case, it’s often more straightforward and effective. Regardless of whether you’ll be giving them a present, the most crucial thing is to make sure the executor you select in your will is someone you think to be capable and reliable.