Who is a beneficiary?

Who is a beneficiary?

Estate administration is an important aspect to determine. Before individuals die, they can plan for their possessions to be taken care of. This can help people cope with the thought of death. Also, it can ease the stress of loved ones that are left behind when an individual dies. Family members and friends will not have to guess how someone wanted their possessions to be distributed. Instead, they can have a plan laid out for them in the person’s will. Within a will, the individual can name beneficiaries to receive assets that they have left behind after death.

A beneficiary collects what was given to them. They do not have to take part in the responsibilities as an executor does. Beneficiaries can also acquire a trust from the deceased individual. There may be benefits to trusts due to varying types of trusts.

How does an executor’s role compare?

As an executor, an individual takes on a more active role than a beneficiary. Executors have more responsibilities to tend to. They should be named in an individual’s will to accomplish the tasks for this role. With this position, an executor may have to pay off debts or taxes that the deceased individual left behind. This can include meetings with professionals, such as attorneys or accountants.

The executor is also the individual that files the will to be brought to probate. They can file this in the Surrogate Court of the county where the deceased resided. Once the will passes through probate, there is still more to be done. The executor is in charge of gathering the assets that are named in the will. Also in the will, the individual should have named beneficiaries to collect these assets. Executors will distribute the possessions to the proper beneficiaries to ensure everyone gets what they are entitled to.

Since executors have many responsibilities regarding estate administration, this is a very important role. Without this individual, the process may not go as smoothly. If the executor is proving to neglect their duties, they can be replaced. Beneficiaries can file a motion with the court to look into the matter and make a final decision.

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.