Can a beneficiary of a will be named as an executor?
Do not destroy any copies of earlier wills until you’ve received probate. An executor only receives assets if they’re also named as a beneficiary. If more than one person is named as an executor, you must all agree who makes the application for probate. Up to 4 executors can be named on the application.
What to do if you are an executor of an estate?
You can do one of the following: reserve your right to apply for probate later if another executor cannot deal with the estate (holding ‘power reserved’) appoint an attorney to act on your behalf – fill in an attorney form and send it with the probate application.
How can I get a replacement executor to act on my behalf?
appoint an attorney to act on your behalf – fill in an attorney form and send it with the probate application. A replacement executor should apply for probate if the executor is unable to, for example because:
Can a Probate Registry help an executor?
A probate registry cannot help with disagreements between executors. You’ll need to find another way to reach an agreement – this could mean getting legal advice. The will may name a replacement executor for someone who becomes ‘unwilling or unable’ to deal with the estate.
What can an executor do to a beneficiary?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.
Can a probate attorney represent the executor of an estate?
If you are the Executor hiring the attorney, ask what the law is. If you are an heir of the estate, the lawyer should give you some guidance. If the probate estate is in one of the majority states, the first letter from the attorney should start with a sentence that reads, “I have been retained by Mr. Smith, Executor of the Estate of Ms. Smith.
Who is owed a fiduciary duty by the executor?
These states believe that since the Executor owes a fiduciary duty to the heirs and the lawyer owes a fiduciary duty to the Executor, the duty flows from the Executor to the lawyer. Most states, however, take the position that the lawyer does not owe a fiduciary duty to the estate heirs.
What happens if a beneficiary mismanages an estate?
Mismanaging an estate is not without consequences. If an heir or beneficiary believes you are not appropriately fulfilling your legal obligations, they have the right to file a petition with the probate court to get a full accounting of the estate’s assets or to have you removed as the executor.