Popular lifehacks

Can a bank be challenged as an executor?

Can a bank be challenged as an executor?

The executor becomes insolvent or is otherwise unfit to act. An Executor can be challenged and ultimately removed if they become unable to carry out their duties or become unsuitable for the role. Again this applies to professional Executors like a bank or Solicitor and lay persons alike. This will be more common where a Solicitor is appointed.

What happens if an executor fails to apply for probate?

If an Executor has failed to apply for a Grant of Probate then they may decide that they actually don’t want the responsibility of being an Executor and would like to renounce this. If they haven’t inter-meddled in the estate then they would be able to do this.

Can a trustee challenge the actions of an executor?

Under some circumstances, the executor or trustee can be held personally liable for the loss. N.J.S.A. 3B:14-21 sets forth the grounds to challenge the actions of an executor and to seek their removal.

Can a court remove an executor of an estate?

The issue is more complicated once the Executor or Administrator has been appointed as they can now only be removed by order of the court. As the Executor is the person chosen by the Deceased to administer the estate the courts will only remove them with good reason. They have become disqualified since the Deceased appointed him.

The citation serves two purposes. Firstly, it directs the named executor to take the grant of probate or to renounce his entitlement to do so. Secondly, if the named executor fails to apply or renounce, it allows the court to direct that the grant of probate be issued to the next of kin.

When to challenge an executor or trustee of an estate?

During this time legal and tax issues may develop and disputes result. When an executor or trustee profits from or abuses his or her position, fails to communicate and disclose information to beneficiaries he or she may have breached their fiduciary duty to both the estate and its beneficiaries.

What to do if someone does not want to be an executor?

If the person named in the deceased’s will does not want to be an executor and has not ‘intermeddled’ in the estate, they may abandon the position by formally renouncing. This involves signing a legal document and lodging it at the Probate Registry.

Who is the executor of an estate in probate?

If the surviving children are under the age of 18, the courts will typically appoint a probate guardian to act as the executor of the estate (oftentimes an immediate family member) regardless if there is a valid will or not. Scenario 2: Property conveyed to surviving spouse, children, or next of kin in intestate probate.