After a loved one passes away, those coping with grief may exhibit selfish or malicious behavior regarding the distribution of the deceased’s assets.
Greedy or overbearing beneficiaries can create challenges for executors trying to abide by the deceased’s wishes.
If you have recently been appointed as the executor, here are some things you should know about your role and the ability to override beneficiaries.
What is an executor?
An executor is responsible for locating, managing, and distributing the deceased’s assets to his or her beneficiaries according to the directions in the deceased’s will. Executors are also responsible for continuing to pay off any of the deceased’s bills until it is time to distribute assets.
Who can be an executor?
Generally speaking, any adult can be nominated as the executor of a will. Parents typically name their most responsible child or their spouse as the executor of their estate. Friends, extended family members, or third-party professionals may also be named to ensure the deceased’s wishes are carried out. Since the executor is often a person close to the deceased, he or she might also be a beneficiary of the will.
What is a beneficiary?
A beneficiary of a will is a person designated by a decedent in their will to receive all or part of the deceased’s assets.
Executors often have to make decisions about whether, when, and how to distribute assets to the will beneficiaries. Beneficiaries may request to receive assets different from those the will designates for them or the Executor may need to liquidate some assets to pay the decedent’s debts prior to making distributions to beneficiaries. Executors are well-advised to seek legal help in deciding what assets to liquidate when to make distributions to beneficiaries, and whether income or expenses that accrued on assets in the estate should also be transferred to the beneficiary.
Executors are legally required to follow exactly what is outlined in the will. Acting in a way that is contrary to the will may give beneficiaries a reason to sue for removal of the executor and damages.
The executor will ultimately have the final say in matters pertaining to the assets as long as they are complying with the law. Executors should never manipulate their power to benefit themselves at the expense of the beneficiaries.
If you were appointed as the executor of a will and you are facing challenges from beneficiaries, you should seek legal advice immediately.
Contact our firm today for a consultation.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. The firm has earned a reputation for excellence across Georgia and the Southeast in providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, conservatorships, businesses, and securities.
