Executor vs beneficiary rights

Can a beneficiary sue an executor? What does being an executor mean? An executor or trustee of a deceased estate has a duty to the beneficiaries to protect the estate’s assets and ultimately, their inheritance. If a representative breaches their duties, and as a result of their breach, causes a loss to the beneficiaries of the estate, this is called “devastavit”. Typically, the executor has more responsibilities than rights.

If a person dies with a will, the executor is usually named in the will. If no executor is name the court appoints an executor based on state law. If the executor fails in this duty, the beneficiary may petition the court to appoint a new executor.

The will itself or state law may provide other reasons to justify the removal of an executor and the appointment of another one. These reasons often include breach of fiduciary duties, inability to manage the estate, the need to protect beneficiaries, death, illness or theft of estate assets. The executor of an estate has no rights to the estate itself. The only right to the estate held by the executor is the right to charge a reasonable amount for his services in the administration and distribution of the estate to the beneficiaries.

It is possible, however, that the executor of the estate can also be a named beneficiary. Executor versus beneficiary rights. If you decide you don’t want or need the inheritance you’ve been left, you can choose to reduce your share or exclude yourself completely from the Will. As a beneficiary , you can ask for this kind of information by sending a letter to the executor. If he or she fails to respond or the response in insufficient, you can ask the probate court to make the executor respond correctly and transparently.

If the probate court finds the executor has wasted assets or distributed assets improperly, the executor can be held personally liable to reimburse. In general terms, this means that the executor is required to manage the decedent’s estate to maximize the value of the property that the beneficiaries receive. Specifically, an executor is supposed to make decisions that benefit all of the beneficiaries and.

Yes, a person can be named as both an executor and a beneficiary within the Will. However, an executor has a fiduciary duty to refrain from taking any action that would benefit themselves or any other beneficiary at the expense of other beneficiaries. They are legally bound to comply with the rules of the probate process. For a beneficiary to effectively monitor the administration of estate property it goes without saying the beneficiary needs information regarding the performance of the executor ’s duties and powers. To this end the law has imposed on executors and trustees a duty to account beneficiaries.

However, the nature of the beneficiary ’s interest can dictate the extent of information they are. An executor is also able to consult with attorneys, accountants, and other professionals to ensure the estate is being properly managed. A beneficiary is the individual or individuals named in a will that will inherit property from the deceased. Anyone can be a beneficiary , a spouse, children, other relatives, friends.

E xecutor - beneficiary conflict of interest is one of the main reasons executors find themselves being taken to court. To find out more about your responsibilities as an executor , read our guide and factsheet. The guide gives you an introduction to being an executor , and the factsheet provides more detailed information. If the beneficiary is overstepping, then confront the beneficiary in a way that the person doing the confronting is doing most of the talking. This worked for me.

Beneficiaries have rights to an estate. Although the belligerence may persist, the beneficiary will know. There could be negligence, frau obstructive behaviour, or even disputes when the executor is also a beneficiary. So, it is important to know where you stand in the eyes of the law and what options you have. If a residuary beneficiary complains to the firm at any point in the administration of an estate, this should be dealt with in the same manner as one would handle a complaint from a client.

As well as your duties as a solicitor you will, as an executor , have fiduciary duties to the beneficiaries regarding the administration of the estate and the costs of that work.