If the will names you as executor, you can take it and an official copy of the death certificate to the probate court and fill out the necessary forms, asking for appointment. If the decedent did not leave a will, you may or may not be able to serve, depending on your relationship to him.
Full Answer
· Here are the basic steps that may help you understand the process and your job as the executor. 1. Getting Legally Appointed. A person named in a Will as executor is only nominated to be the executor. Until they are appointed by the probate court, the executor has no legal authority to access the estate of the deceased.
· Revocation of Power of Attorney. It is relatively simple to revoke power of attorney. You must fill out a form entitled “Revocation of Power of Attorney.” You will need to file the form in the county where you live or engage in most of your business. We advise you to also destroy the previous power of attorney document. Removal of Executor of Will
· Massachusetts law provides only that the executor be reimbursed for reasonable out-of-pocket expenses incurred while doing her job and be compensated for her services “as the court may allow.”. There is no set amount or percentage, according to the Forum for Massachusetts Law. Ideally, the decedent states in his will exactly what ...
· An executor / PR can open one of four types of proceedings in Probate Court: Voluntary Administration, Informal Probate, Formal Probate, and Late and Limited Formal Probate. The amount at issue, whether the deceased had a will, how long since the decedent died, and whether there are any people who object to the distribution of the estate, are ...
A person named in a Will as executor is only nominated to be the executor. Until they are appointed by the probate court, the executor has no legal authority to access the estate of the deceased. For the executor to become legally appointed, the original Will, certified death certificate, Petition for Probate, Bond form, and Military Affidavit must be filed in the appropriate probate court. The Massachusetts Probate Forms may be found here
If they do not, the designated beneficiary may file suit against the executor.
2. Protecting and Collecting the Estate: The executor’s primary job is to protect the property of the decedent for the benefit of the takers under the Will. After the executor is legally appointed by the probate court, they may order court certified copies of the appointment. This certified copy is the legal proof of appointment that most banks and brokerage firms request when the executor attempts to collect the assets.
It generally takes about six to eight weeks from the time the papers are presented to the probate court to the time the executor becomes legally appointed. During that time, the executor has very little actual power over the assets of the decedent. 2.
Any cash from the sale of holdings are added to the estate account. The estate account is used to pay any outstanding (undisputed) bills and maintain real estate. 3. Selling Real Estate: Once the executor is legally appointed, they have full authority to sell any real estate.
Creditors have one year from the date of death to file a claim against the estate. If there are no funds remaining, because the executor has distributed the money too early, the executor is personally responsible for paying that debt. c.
a. Co-mingling funds: The executor must never combine their own personal funds with the estate funds.
The executor of a will oversees the assets and estate after someone passes away. If you do not appoint an executor of your will, a court will designate one to make decisions after your death. Responsibilities of the executor may include: 1 Organizing your assets and giving them to designated beneficiaries 2 Paying off creditors and taking care of funeral bills 3 Reviewing all your financial statements and your will
Power of attorney allows you to make decisions on behalf of others. The person with power of attorney can give immediate permission for things such as medical procedures if you become incapacitated. Power of attorney covers your decisions when you are alive. It might be invoked if you are in a coma or suffering from a condition so debilitating you can no longer convey your wishes.
Responsibilities of the executor may include: The will must enter probate before your executor can carry out their duties. An executor of an estate or will does not have power of attorney unless you fill out a separate document also granting them that duty.
MPL Law can assist you with drawing up the proper documents to ensure your wishes are carried out the way you want them, whether you need someone to watch out for your minor children if you are incapacitated or you have certain things you want done with your estate. Contact MPL Law today for assistance with designating an executor ...
They need to show the assets of the estate are being wasted or other convincing evidence of neglect or malice in the executor’s actions, proving they are not up for the job.
You must fill out a form entitled “Revocation of Power of Attorney.” You will need to file the form in the county where you live or engage in most of your business. We advise you to also destroy the previous power of attorney document.
The estate one should state a power of attorney terminates at death of the grantor.
If you neglect to name someone or if you die intestate, without a will, the court will appoint an executor. According to Susan Mooney, an attorney in Stoneham, Massachusetts, many people choose their spouse or a close friend for the job without considering the level of work involved or the skills that might be required.
Yes, but how much is open to interpretation. Massachusetts law provides only that the executor be reimbursed for reasonable out-of-pocket expenses incurred while doing her job and be compensated for her services “as the court may allow.” There is no set amount or percentage, according to the Forum for Massachusetts Law. Ideally, the decedent states in his will exactly what compensation his executor will receive. If he doesn’t and the beneficiaries can’t agree, then a judge decides what is reasonable.
For those assets that are not automatically transferred, the Probate Court needs to issue an official document to the executor / PR, which the bank or other administrator of the asset uses to verify that the executor / PR is the appropriate person to make those decisions.
An executor / PR can open one of four types of proceedings in Probate Court: Voluntary Administration, Informal Probate, Formal Probate, and Late and Limited Formal Probate.
To do this, the executor steps into the shoes of the deceased person. They typically open a bank account to hold assets until they’re distributed and write checks to pay off debts and the expenses of administering the estate. The executor / PR may need to sell real estate, transfer investments, sell vehicles and clean out the deceased person’s home. They file income taxes and, if necessary, estate taxes for the decedent. They do everything that needs to be done to take all assets out of the deceased’s name and distribute them to the beneficiaries.
The executor / PR administers the estate. They have a job to do: They gather information about all the debts the deceased owed and all the assets the deceased owned. Over the next year or so, the executor / PR pays off all of the valid debts of the deceased and distributes all of the assets to the beneficiaries.
That is, they should be paid out of the deceased person’s assets. Similarly, any expenses directly related to tying up loose financial ends, transferring property, and attorneys’ fees and probate costs, can and should be paid by the estate. If there are beneficiaries, they will receive their portion after the estate has paid its creditors and its costs of administration.
Similarly, when real estate is jointly owned by a married couple, the surviving spouse should file some documentation with the Registry of Deeds, but there is no need to file in Probate Court to transfer real estate to a joint owner.
By definition, the executor / PR does not inherit. In fact, being an executor means that you have a job to do. A beneficiary, by contrast, doesn’t have to figure out who gets what; they just have to cooperate with the executor so they can receive their inheritance.
As the executor of an estate, you are responsible for managing the probate process, which means you’ll be interacting with the probate court and making decisions about the handling of probate assets. You will: Open probate with the court. Identify the deceased’s assets. Provide notice to heirs and interested parties.
If the deceased died without a signed will, the deceased died without a will. No one else can sign it on their behalf, and the estate will be managed in accordance with that state’s laws of intestate succession. Take action to manage the estate prior to being appointed as executor by the court.
Your fiduciary duty requires you to treat the estate’s assets as if they were your own and to take good care that the beneficiaries receive the portion of the estate indicated in the will. Parting with assets for less than what they’re worth — for instance, my offering them at a discount to friends — is in direct opposition to that duty.
If an heir or beneficiary believes you are not appropriately fulfilling your legal obligations, they have the right to file a petition with the probate court to get a full accounting of the estate’s assets or to have you removed as the executor.
Carrying out all these duties means that you can make a lot of the decisions about what happens with the estate since you are managing the deceased’s property and assets until they are distributed to the heirs.
Serious violations could also result in your being held in contempt of court or being the subject of a civil lawsuit.
There are limits on what an executor can and cannot do. If you’ve been named an executor, a couple basic rules of thumb are that you can’t do anything that disregards the provisions in the will, and you can’t act against the interests of any of the beneficiaries. Sounds pretty straightforward, right?
Your first obligation to the decedent is to ensure you have the legal right to settle his estate. This means the court must officially appoint you as executor, if he left a will and named you in it, or administrator, if he died without a will.
The decedent’s administrator or executor is also responsible for seeing to his funeral arrangements. He might have included directives in his will, in separate documents, or he may have told you what he wanted. You’ll also have to pay the funeral director and associated costs from the estate’s funds.
After all the decedent’s debts and taxes are paid and after the one-year creditor deadline passes, you can make distribution of the decedent’s remaining assets to his beneficiaries. If he left a will, you can simply follow his directions and honor his wishes. Otherwise, you must distribute his estate according to Massachusetts law.
But if it looks like there won't be enough money in the estate to pay debts and taxes, get advice before you pay any creditors. State law will set out the order in which creditors get priority, and it's not always easy to figure out how to parcel out the money. The estate won't owe either state or federal estate tax.
More than 99% of estates don't owe federal estate tax, so this isn't likely to be an issue. But around 20 states now impose their own estate taxes, separate from the federal tax—and many of these states tax estates that are valued at $1 million or larger.
The estate won't owe either state or federal estate tax. More than 99% of estates don't owe federal estate tax, so this isn't likely to be an issue. But around 20 states now impose their own estate taxes, separate from the federal tax—and many of these states tax estates that are valued at $1 million or larger. If you will be responsible for filing an estate tax return with the state where the deceased person lived or owned real estate, you should get legal and tax advice. An estate tax return is not a do-it-yourself job.
Probate is easier in states that have adopted the Uniform Probate Code (a set of laws designed to streamline probate) or have simplified their own procedures. The estate doesn't contain a business or other complicated asset.
But you won't need probate if all estate assets are held in joint ownership, payable-on-death ownership, or a living trust, or if they pass through the terms of a contract (like retirement accounts or life insurance proceeds). The estate qualifies for simple "small estate" procedures.
Many executors decide, sometime during the process of winding up an estate, that they could use some legal advice from a lawyer who's familiar with local probate procedure . But if you're handling an estate that's straightforward and not too large, you may find that you can get by just fine without professional help.
Most or all of the deceased person's property can be transferred without probate. The best-case scenario is that you don't need to go to probate court, because assets can be transferred without it. This depends on the planning the deceased person did before death—you can't affect it now.
A court can always remove an executor who is dishonest or seriously incompetent. Generally, it's up to the beneficiaries (or estate creditors) to go to probate court and prove that the executor needs to be replaced. Each state has its own rules about what constitutes reason for removal, but courts will remove an executor who: 1 can't carry out the executor's duties 2 doesn't comply with a court order 3 uses estate funds for personal expenses or other improper uses 4 fails to account for estate assets 5 grossly mismanages estate property, or 6 is convicted of a felony.
If the will doesn't name an alternate executor, then the court will turn to state law, which will provide a priority list of those who are entitled to serve as executor. In most states, the surviving spouse is first on the list, followed by adult children and then more distant family members.
grossly mismanages estate property, or. is convicted of a felony. For example, an Illinois court removed an executor who had failed to account for the loss of more than $33,000 of estate assets and had neglected estate business. Even though there was no evidence that the executor was personally dishonest, he had failed in his duty to protect ...
It doesn't happen often, but beneficiaries who object to how an executor or administrator is handling an estate can ask the probate court to remove the personal representative and appoint someone else. Personal representatives who violate their fiduciary duty to deal honestly and fairly with estate assets can also be required to repay any losses ...
The conflict must make it nearly impossible for the executor to serve as a fiduciary. For example, a New York court removed an executor who had personally guaranteed a loan to the estate. Because the primary borrower was unlikely to repay the loan, the executor would be in the position of collecting from herself.
Executors who make good-faith efforts to manage estate property probably won't lose their jobs, even if the results of their efforts leave much to be desired. For example, an executor who makes what appears to be a reasonable investment decision or sells real estate for what looks to be a good price won't be removed, even if the investment doesn't turn out well or beneficiaries think the real estate could have fetched a better price if it had been sold earlier or later.
A court can always remove an executor who is dishonest or seriously incompetent. Generally, it's up to the beneficiaries (or estate creditors) to go to probate court and prove that the executor needs to be replaced. Each state has its own rules about what constitutes reason for removal, but courts will remove an executor who: