When a person dies, their personal estate is divided into three parts: the personal property, the money held in trust for their benefit, and the residue of their estate. The executor of a will is responsible for administering these three parts and ensuring that all of the estate’s assets are distributed fairly.
The executor of a will is typically entitled to receive a share of the estate’s assets as well as any income generated from the estate’s property. The executor is not entitled to the estate’s income or property if the will states that no one receives anything.
This can be a problem if there are multiple beneficiaries who wish to receive the estate’s income, but do not know how much of it is attributable to each other.
Who is an Executor?
An executor is a person who is appointed by the court to take care of an estate after a will has been made. The executor of a will is usually the person who married or divorced the deceased person. The executor may also be named as part of a will or estate plan.
In most states, the executor is responsible for processing and filing documents related to the estate, making decisions about assets to be left to beneficiaries, and disbursements.
The state will usually provide a list of the executor’s responsibilities in the will or estate plan. In addition, the executor may be required to perform certain duties like making decisions about whether and when to hold an estate meeting, paying bills, and managing other assets in the estate.
Types of Executor
There are many types of executors, but some people may be more interested in making specific choices about who they want to be their executor.
There are three main types of executors: personal, corporate and trust.
1. Personal Executor: This type of executor is typically chosen by the person who wants to appoint themselves as their own executor.
They have complete control over their own finances and can make any decisions about what goes on with the estate. They can be the person who plans the funeral and the person who will sell all of the estate.
2. Corporate Executor: This type of executor is appointed by a company or organization and they have limited authority over the estate. They usually work with the personal or corporate executors to make sure all aspects of the estate are handled correctly.
3. Trust Executor: This type of executor is very much like a trust. They hold no power over the estate and are simply appointed by the person who wants to be their own executor. They have the power to make decisions about things like wills and trusts, and they also may be responsible for legal documents such as estate taxes.
Duties of The Executor of The Will
When a person dies, their estate is divided into three parts: the personal property, the real property, and the contractually assigned debts. The executor of a will is responsible for carrying out the deceased’s wishes in this distribution.
The executor of a will is typically given roles such as:
- Completing an inventory of all personal property
- Determining who should be paid debts
- Naming heirs to properties
- Appointed guardian for minors or incapacitated individuals
- The executor of the will is also responsible for paying any taxes due on the deceased’s estate. These may include income tax, death tax and inheritance tax.
- The executor of the will is responsible for making sure that all of these roles are carried out.In most states, the executor will also be in charge of paying the debts owed to any incapacitated person that they have named as a beneficiary. This can amount to hundreds of thousands of dollars.
Benefits or Entitlement of The Executor of a Will
When it comes to the entitlement of an executor of a will, there are a few things to keep in mind.
- First, as the executor of a will, you are considered a party to the will and have the right to receive any benefits that may be accorded to those who make decisions in connection with it.
- Second, as soon as an executor has received all necessary information from those who made choices pursuant to the will, they are then able to begin performing official duties in connection with its fulfillment.
- Finally, any disputes between an executor and those responsible for making choices in connection with the will should be brought before a properly constituted court system so that a fair determination can be made.
The law of estates, however, is not the same as the law of wills. Although both are intended to define the rights of those who have made choices in connection with the will, they do not necessarily follow the same rules.
For example, a will is presumed valid until challenged; however, an estate is usually not subject to such proof requirements. Furthermore, the law of estates is designed to provide for a faster and more efficient determination of inheritance rights.
Those who are involved in the inheritance process should take advantage of all the legal services they may need.
Conclusion
When a person dies, their estate is divided among their heirs. If the executor of the will is not elected by the survivors, then the estate goes to the person who was nominated as executor by one of the survivors. This nominee must be 18 years old or older and have lived in Michigan for at least two years before being chosen.
The nominees are then interviewed by an appointed trustee to make sure they would be able to handle the estate fairly and efficiently. If no nominee is found within three months, then it goes to probate court to decide who gets what.
It is not uncommon for someone to go through a long process of interviews and find themselves in probate court. This can be very stressful and time consuming. Some people feel that they don’t deserve anything while others may have a great deal of resentment.