An executor is an individual named in a will to plan for a deceased person’s estate according to their wishes. The executor is the individual that is in charge of the person’s estate once they die. They will acquire responsibilities to carry out in order to make sure everything is taken care of for that estate. If the executor fails to accomplish their activities, they can be replaced by another individual who will continue to do the job.
The case can be heard in a court and a judge can decide if the executor needs to be removed from their position. The judge can then appoint another individual to take on the role of executor to finish administering the estate and completing tasks that are required. If the executor is failing to accomplish their tasks, they should be held accountable for failing to do their part. If the executor is acting in a way that displays signs of corruption, they may also be removed from their role. Their job is needed to make sure the estate administration process goes smoothly. If they are failing to do the tasks that are required for the estate, it can have a negative effect on the estate and the beneficiaries.
How does a beneficiary collect the inherited asset?
In a will, an individual names people who receive assets from their estate after they die. The people named in the will to receive a part of the estate are called beneficiaries. Beneficiaries can be anyone that the deceased individual wants to include in their will whether they are a family member or friend. They may decide to leave their possessions to loved ones, which can include sentimental items or bigger assets. For this process, the executor is highly involved. One of the duties of the executor is to collect the assets that are named in the will to be distributed to the beneficiaries. These assets will be gathered to distribute to the correct beneficiary. The beneficiary should receive what has rightfully been named to them. This possession is now theirs since it has been given to them by the deceased in the will. Executors should ensure that they are giving the right assets to beneficiaries.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.