An executor is identified in a will to administer their estate. They are the individual that is in charge of the person’s estate once they die, which gives them responsibilities to carry out in order to make sure everything is taken care of for that person’s estate. If the executor fails to accomplish their activities, they can be replaced by another individual. The case can be heard in a court and a judge can decide if the executor needs to be removed. The judge can then appoint another individual to take on the role of executor. 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 their job, it may have a negative effect on the estate.
How do beneficiaries collect their assets?
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. 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. 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 make sure that they are giving the right assets to beneficiaries, which can be anyone that the deceased individual wants to include in their will. They may decide to leave their possessions to loved ones, including family members or friends. These assets can include anything ranging from the house or a sentimental item. These items should be distributed after the probate process. After they are distributed to the beneficiaries, they are in control of this asset.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.