Is next of kin always executor?
An executor has many responsibilities, and most of those relate to the next of kin of the decedent. However, the obligations of the executor to the next of kin must be balanced against the executor’s responsibility to fulfill all probate requirements, which may vary by state.
How does the executor work with the next of kin?
The executor operates in a position of trust towards the beneficiaries, since the assets are after all their future property. They must therefore manage the deceased’s estate in a way that optimizes the value the inheritor (s) receive in due course. Next of kin and executors should therefore agree about decisions taken.
Who is next of kin if there is no will?
Sometimes the person named as Next of Kin when someone is alive can be very different to who is legally the Next of Kin after the person has died. This term only applies to estates where there is no Will in place.
What happens if there is no will and no executor?
If the probate court determines that there is no valid will, the executor must distribute the estate property to the next of kin subject to the state’s intestacy code. The intestacy code defines who receives estate property based on which of the decedent’s relatives are still alive.
When does an executor of a will take over estate administration?
When someone dies, an Executor of a Will or an Administrator takes ownership of the deceased estate administration and to make funeral arrangements. You should understand the estate administration steps that need to happen if you are in the process of writing your Will, or if you are executing or administering a deceased person’s estate.
Who is the next of kin to an executor?
An executor has many responsibilities, and most of those relate to the next of kin of the decedent. The closest living relatives of the decedent often have the most to inherit from a decedent’s estate and as a result can be greatly affected by how the executor carries out his duties.
If the probate court determines that there is no valid will, the executor must distribute the estate property to the next of kin subject to the state’s intestacy code. The intestacy code defines who receives estate property based on which of the decedent’s relatives are still alive.
What are the responsibilities of the next of kin?
Their primary responsibilities are to the next of kin. However these may extend to third party beneficiaries, as outlined in the will if there is one. The beneficiaries may not understand that the executor must also fulfill the legal requirements of probate.
What happens to the next of kin if there is no inheritance?
Creditors take priority. If there are insufficient funds to pay them off then unfortunately the next of kin inherit nothing. The executor – quite often a lawyer – may only receive a stipend for their trouble. They may, of course also be a major or sole inheritor.