During an individual’s lifetime, they should plan for the administration of their estate after their death. This can help to secure their assets and possessions with trusted individuals. Upon their death, these individuals will be known as beneficiaries. The beneficiaries of an estate are the people who receive an asset from the deceased individual. These individuals can have these assets passed on to them by the individual for various reasons. They can have significant sentimental value or provide a beneficial income to the individual depending on the asset.
How Does an Executor’s Role Differ?
An executor has more responsibilities regarding estate administration. They are highly involved in the process. The executor is the representative that has the legal responsibility to take care of the deceased person’s remaining financial obligations. They may be named in the will specifically or appointed by the court. Some of their responsibilities include providing accounting to the court, paying outstanding debts and taxes, and collecting, protecting, and distributing assets according to the will’s specification. This is a serious task to take on due to the required obligations.
Can the Executor of An Estate Be Changed?
Executors are individuals who are named in a will to carry out the duties that are outlined by the deceased. Their role is important since they need to make sure the wishes of a deceased individual are being followed. With this role, they have the opportunity to abuse the power they are given. If executors fail to do their job and carry out their outlined duties, they may be removed from this position. There is a test for removal that is based on whether the executor has any kind of prejudice regarding the estate or the beneficiaries’ welfare. An executor will have to act in a manner that would be considered negligent, dishonest, or endangering the estate in any way. Since each case is different, there are many factors involved when a court decides if the executor should be removed. As an executor, you have the right to obtain legal aid through an attorney to protect your role.
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 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.