Estate administration is a task that should be done during an individual’s lifetime. With estate administration, an individual provides details about how they want their estate to be split after their death. This is to ensure that their assets and possessions are all accounted for. They can give their possessions to loved ones that can benefit them or prove to have sentimental value. Probate is the process used to prove the legality of the will and allows the court to distribute the assets as they are outlined in the document. Before the deceased individual passes, they will have assigned someone as an executor to their estate. This person has to make sure that the proper possessions are given to the people named in the document. As an executor, they will have substantial responsibilities that require their cooperation.
Who is named in a will?
By creating a will, individuals that die will pass on assets to their loved ones. When they name someone in their will to gain a part of their estate, such as an asset or possession, this individual is known as a beneficiary. There can be many beneficiaries in an estate. An executor is another individual that is named in the will. The executor is the individual who is in charge of distributing the estate among the beneficiaries as it is outlined in the document. These individuals have the legal responsibility to take care of the deceased person’s remaining financial obligations. They may be named in the will specifically or appointed by the court. Some of their responsibilities include providing accounting to the court, paying outstanding debts and taxes and collecting, protecting and distributing assets according to the will’s specification. This is a serious role to take on due to the required obligations. They may also have to meet with professionals, such as accountants, lawyers or other individuals to handle the estate. If an executor fails to carry out their required duties, they can be removed from this position. The other beneficiaries of the estate can file a motion with the court. The court can take into consideration all the factors of the situation and make their final decision. They have the ability to appoint a new executor for the estate.
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