Can An Executor Decide Who Gets What

By Teletalk Desk

When administering a deceased person's estate, the executor of the will is responsible for making decisions on how to divide and distribute assets according to the decedent’s wishes. Depending on the size and complexity of the estate, this can be an involved process that requires careful judgment and consideration of the laws applicable in each state.

Table Of Content:

8. How to be the Executor of an Estate -
How to be the Executor of an Estate - LawDepot.comWhat is an executor of an estate? There are two main roles when it comes to handling a Last Will and Testament: the executor and the testator. The executor is ...

What is an Executor?

An executor is a person appointed by a court or named in a will to manage and execute the wishes of the deceased individual regarding their assets. The executor has broad fiduciary responsibility over all financial matters related to administering an estate.

Who appoints an Executor?

Generally, when someone dies with a valid last will and testament, they'll list specific people as their executor in that document. If no one is listed, then it’s up to the court to appoint someone based on criteria laid out by state law.

How does an Executor make decisions about distributing property?

When distributing assets from an estate, it's important that it is done fairly and in accordance with both the law and the intentions of whoever passed away. An executor must take into account any debts owed by either party before getting to property division. Depending on what type of asset it is, it may also need approval from other parties including banks or creditors.

Are there legal limits on who gets what?

Yes, depending on local jurisdictions there are rules about who can receive property after death along with certain limitations if there is no surviving spouse or children present. In addition, some states have laws in place that prevent certain individuals from inheriting assets due to their relationship to the decedent or because they're considered financially incapable or irresponsible.

Can an Executor be held liable for decisions made while administering an estate?

Yes, if those decisions are found to be negligent or maleficent. All fiduciaries have a duty of care when dealing with assets; they must ensure that what they do serves in best interests of those named beneficiaries while adhering to all relevant laws and regulations. As such, mistakes can carry civil penalties if it’s discovered that executors have acted beyond their scope.

An Executor has many responsibilities when overseeing someone’s financial affairs after death but none more important than making sure everything related to dividing up estates happens legally and fairly according to existing guidelines placed upon them by both state law and family wishes. It’s essential for anyone serving as an administrator over somebody else’s possessions keep themselves informed about all applicable regulations so that they don't expose themselves or their loved ones undue risk by making uninformed decisions.

Teletalk Desk

Hope you are happy to read this article. Still have you a question then feel free to ask by comment. Thank you for visiting this website.

View all posts