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What are the responsibilities of a beneficiary?

What are the responsibilities of a beneficiary?

To determine where an individual’s assets and possessions will go when they die, they need to make plans to administer their estate. For estate administration, individuals have many options. They can draft a will to list who their assets should go to and who will assist with their estate after they are gone. Trusts can also be set up to provide more efforts for estate administration. In their will, individuals may name people to administer their estate to. These individuals are called beneficiaries. A beneficiary collects what was given to them. They do not have to take part in the responsibilities as an executor does. Beneficiaries can also acquire a trust from the deceased individual. There may be benefits to trusts due to varying types of trusts.

What is an executor’s role in estate administration?

As an executor, people in these positions take on a more active role than a beneficiary. Executors have more responsibilities that need to be accomplished to complete the estate administration process. They should be named in an individual’s will to accomplish the tasks that are expected for this role. With this position, an executor may have to pay off debts or taxes that the deceased individual left behind. This can include meetings with professionals, such as attorneys or accountants.

The executor has the biggest responsibility of bringing the will to probate after the death of the individual. They can file this in the Surrogate Court of the county where the deceased resided. Once the will passes through probate, there is still more to be done. The executor is in charge of gathering the assets that are named in the will. Also in the will, the individual should have named beneficiaries to collect these assets. Executors will distribute the possessions to the proper beneficiaries to ensure everyone gets what they are entitled to.

Since executors have many responsibilities regarding estate administration, this is a very important role. Without this individual, the process may not go as smoothly. If the executor is proving to neglect their duties, they can be replaced. Beneficiaries can file a motion with the court to look into the matter and make a final decision. If the executor is abusing their role, they may also be considered in regards to removal.

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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