How many beneficiaries can be administered an estate?

How many beneficiaries can be administered an estate?

Estate administration can include many beneficiaries. Wills help to plan for this whole process. These legal documents are important to the estate administration process. They decide what happens to a deceased person’s estate. Before death, the individual will name beneficiaries to inherit their property. They can include the names of beneficiaries in their will. These beneficiaries will receive a part of the estate that is specifically named for them. You may appoint as many beneficiaries as you need to administer your estate to meet your wishes and to provide whatever they are entitled to. This may name various loved ones, including family members and friends. Assets can include your real estate, your motor vehicles, sentimental items or highly valued possessions. It can include a range of items that you wish to pass on to other individuals to benefit them and have your assets inherited. Beneficiaries will be administered their share of the estate after the individual dies and probate is completed. The executor will distribute the assets to the beneficiaries that are named in the will to ensure that they are given the property named to them.

How are executors involved?

Executors are other individuals that are named in the estate administration. This individual is named in a deceased person’s will to carry out responsibilities that must be handled after their initial death. There is only one executor named to carry out these tasks unlike numerous beneficiaries that are named in a will. They must complete these tasks to the best of their ability or they may be seen as unfit for the role and can be removed from their position. An executor is responsible for paying off taxes and debts that the deceased person has left behind. They will tie up any issues that remain present. These individuals will have access to the estate in order to do so. An executor also has the responsibility of collecting the assets and possessions that are named to be distributed to beneficiaries. This may include a wide range of various items depending on the number of beneficiaries that are named in the will. One of the main roles of the executor is to bring the will to probate. They will have to file the will in the Surrogate Court to ensure that it is valid and that the court adheres to the demands written in their will.

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.

Read Our Latest Blogs

  • Is liquidation required as part of the process?
  • When does the automatic stay go into effect?
  • How much authority does a power of attorney have?