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Continue reading ->The post An Executor's Responsibilities to Beneficiaries appeared first on SmartAsset Blog. The executor of a will has a fiduciary duty to act in the best interest of the estate ...
A: Irrespective of whether the executor is paid for his or her work, the executor is held to high standards in many courts, and charges may be brought by beneficiaries if the executor spent estate ...
The duties and responsibilities of an executor include: ... The bond protects the estate’s beneficiaries, not the executor, but the executor is the one responsible for purchasing it.
Additionally, beneficiaries of an estate may be able to remove the appointed executor if he or she is not capable of properly fulfilling his or her duties. The representative of a testate estate who is someone other than the executor named in the will is an administrator with the will annexed , or administrator c.t.a. (from the Latin cum ...
The executor's duties also include handing over property to the beneficiaries as designated in the will, obtaining information of potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.