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The executor of a will has a fiduciary duty to act in the best interest of the estate. ... Continue reading ->The post An Executor's Responsibilities to Beneficiaries appeared first on SmartAsset ...
Executor vs. Beneficiary Rights Executors and beneficiaries play different roles in the probate process and as such, they have different rights and responsibilities.
As an executor of a will, your role becomes more complicated if you’re also a beneficiary. As both the executor and beneficiary, your judgment and ability to be fair can come into question.
The executor must provide an inventory of the assets and liabilities of the estate and file it with the court and distribute the assets to the beneficiaries according to the Will. The executor must also file an estate information return with the Ministry of Finance within 90 days of being issued the certificate of appointment of estate trustee.
An executor will make sure estate taxes are calculated, necessary forms are filed, and the corresponding payments are made. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to ...
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
The duties and responsibilities of an executor include: ... The bond protects the estate’s beneficiaries, not the executor, but the executor is the one responsible for purchasing it.
The probate court will then oversee the process of distributing the deceased's assets to the proper beneficiaries. A probate court can be petitioned by interested parties in an estate, such as when a beneficiary feels that an estate is being mishandled. The court has the authority to compel an executor to give an account of their actions.
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