If you’re the executor of the estate you’ll have a number of responsibilities, such as: making sure the property owned by the person who has died is secure, as soon as possible after the death collecting all assets and money due to the estate of the person who has died (including property) If you do decide to act as an Executor, you have certain responsibilities and duties which are imposed by law. Additionally, the executor can decide to proceed with a sale if the will of the testator doesn’t provide specific instructions. The executor manages affairs after death, and a power of attorney grants powers during a person's life. Before distribution, the executor will act as trustee to hold the estate on trust for the beneficiaries, and his/ her rights and duties are governed by the terms of the Will or, in the absence of such terms prescribed by the Will, the Trustee Ordinance (Cap. The length of time that it takes to administer an Estate will vary depending on the size and complexity of the Estate, as well as how much time the Executor is able to commit to it and their proficiency in carrying out their duties. Being an executor of a Will can feel overwhelming for some people, but it doesn’t need to be. They hold a great deal of power, and with that comes fiduciary responsibilities. One or more of HomeGo’s owners, employees and affiliates may also be licensed real estate agents, salespeople, or brokers at affiliated or unaffiliated brokerages. All homes are purchased in the name of an affiliated holding company designed to acquire properties and may not vest in the name of HomeGo. The executor of a will won’t have any power until the owner of the will dies. Before distribution, the executor will act as trustee to hold the estate on trust for the beneficiaries, and his/ her rights and duties are governed by the terms of the Will or, in the absence of such terms prescribed by the Will, the Trustee Ordinance (Cap. Probate is a legally required, court overseen process where the executor gathers the decedent’s property and uses it to pay off the decedent’s outstanding debts. Executor's … Website by Digital Devotee. Please retype your address and choose one of the results shown. If you have been named as the Executor of someone’s Will, you may decide not to take on the role. The reason for this is that the level of powers the administrator or executor has been granted by the probate court will have a very large impact on how long it takes to settle the estate, how much work will be involved, and how … Probate is a long and complicated process for anyone. The executor has a duty imposed by law to protect the property belonging to the decedent. Let’s take a closer look at what an executor can and cannot do during probate. Your executor's fee will be set by the probate judge, just as the attorney's fees are set. The Executor … After that, they have the power to access bank accounts, other financial assets, and all the paperwork related to the estate as well. Enquiries can be made with financial institutions to verify the assets of the estate for probate purposes. Power to invest the estate to generate income for the benefits of the estate, however such power should be exercised with caution in order not to breach the executor’s duties to the beneficiaries. Circumstances change, they may have become ill, moved overseas or simply have had a change of heart. When you visit our website, it may store information through your browser from specific services, usually in the form of cookies. Immediate steps after a death The death should be registered as soon as possible after […] What powers does an executor of an estate have? Additionally, the executor has no legal recourse to prevent beneficiaries named in the will from contesting it. Is the Sale of an Inherited Property at a Loss Actually Good? The executor is in charge of locating, reading and understanding the will—usually, even if probate isn’t necessary, the will still must be filed with the probate court. I have been an Executor a coouple of times. The executor may have the power to postpone the conversion of any assets into cash. 2. Texas Real Estate Commission Information About Brokerage Services: If someone challenges the will or it ends up in probate court, the executor helps to validate it. Moreover, Alfred helps clients with issues regarding Family Law. The court will either assign a new executor or take over the duties of the person it removed. Should you accept the offer, we can close the deal in as little as seven days. Remember, you will always have an attorney at your side to help you. After the probate is issued, the executor will have to carry out the following steps: The executor may have the power to postpone the conversion of any assets into cash. He is also a leading Dispute Resolution lawyer with over 20 years of experience in Hong Kong. So, what does an executor do, exactly? Closeout the estate of the deceased by paying taxes, debts, and any other related expenses. The powers of executor include, but are not limited to the following: The executor has the duties to beneficiaries in the course of administration, including the following: The executor may attract personal liability for breaching his duties, hence it is important for anyone who acts as executor to understand his/ her powers and duties properly in order to avoid dispute and liabilities, especially when the executorship is not remunerated. An executor is a person who steps in to help administer the estate of a recently deceased person. In the case of ‘power reserved’, the other executor would take out the Grant of Probate and administer the estate. Under Hong Kong laws, the Will must be probated before the estate can be administered, otherwise it is a criminal offence. The executors’ role ends when all distributions are made to adult beneficiaries, and all expenses and tax have been paid. At a high level, what does an executor actually have to do? What Power Does an Executor of a Will Have? This is true even when the deceased didn’t express all wishes clearly in his or her will. If the deceased left a will, you’ll be responsible for contacting those named in the will to inform them about their inheritance and ensure they receive the designated property. This article is for information purposes only. At this step, the executor also determines who inherits the property. Independent law firm in Hong Kong providing bespoke legal services and exceptional client service to individuals, families, entrepreneurs and businesses, locally and internationally. No, the appointment in your Will is your preference, but there is absolutely no legal obligation for the person to serve. What power does the executor of a will have? Any of these situations could be grounds for removal by a judge. The benefits of appointing professionals as executors is to have someone who possess sufficient knowledge and experience in handling estate administration, hence ensuring an extra layer of protection to the beneficiaries, especially those who cannot safeguard their own interest such as minors or with people with disabilities. Identify the assets and liabilities of the testator; make an inventory of the property in the estate; call in the property after grant of probate is issued; distribute the property to the beneficiaries. Generally, properties are simultaneously resold as-is to a non-affiliated entity for a profit. Probate powers are one of the least understood but most important topics for an executor or administrator to understand. Can You Sell Your Share of an Inherited Property? An executor of a will and a person with power of attorney are both individuals appointed to help manage another person's finances and affairs. If there is another named executor in the Will, they can also postpone their right to administer the estate without completely stepping down from their role. Define your Privacy Preferences and agree to our use of cookies. Power to apply the income of the estate for the benefit and maintenance of young beneficiaries and to use the capital for their benefits: this is particularly useful when the testator passed away with young children as dependents, and the executor can look after the children and pay for expenses, such as school fees. Region Find a NZ LAW Member Firm Address: Level One, Briascos Building 156 … The statutory powers include: 1. the power to sell all or any part of the estate to pay debts and to distribute the estate among the persons entitled 2. the power to act as a trustee for the purposes of the Settled Land Acts 3. the power to appropriate any part of the estate towards satisfaction of any share in the estate (subject to the provisions of section 55 of the Succession Act, 1965) 4. the power to appoint trus… It can be especially challenging when grief is raw due to the recent death of a family member. But the heirs can demand that professional appraisals be done. Executors are fiduciaries, legally obligated to operate in the best interests of the estate. Executors who are appointed should be fully aware of their powers and duties before agreeing to take on the role, otherwise they should renounce the right of executorship. While the executor is meant to provide assets to the decedent’s beneficiaries, the decedent’s property must go through the probate process first. This scenario is common among adult siblings when one wants to remain in the family home and the others prefer to cash out their portion of the home’s value instead. Does a Power of Attorney Supercede an Executor of an Estate?. administer the estate in the interest of the beneficiaries. However, the duties of the executor are substantial, especially in case of estates of substantial value, in which circumstance the executor should consider whether to take on the role before applying for probate. Here you can change your Privacy preferences. However, an executor can’t steal from the estate, refuse to communicate with beneficiaries, or needlessly delay payments. LexisNexis | Leading Estates Cases: Disputes Between Beneficiaries and Executors or Administrators. Fortunately, most people take their role as executor seriously and abide by all rules. This is known as ‘power reserved’. All assets must be listed out in the schedule before they can be disposed of, otherwise it would be considered as intermeddling with the estate. close the bank accounts of the deceased, including MPF accounts; sell the real property of the estate, unless the beneficiaries agree to take on the legal title; settle all debts and liabilities, including taxes; and convert all other assets into cash for distribution. May 15, 2014 11:23 am. This person also can’t start executing the will while the testator is still alive. After you pass away, your executor has the general task of sorting out your finances. This allows everyone to move forward without the added worry about what to do with the inherited property. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. An executor must be named in a will, and the role only comes into effect once the person they have been nominated to act as an executor for, dies. An "executor" is a personal representative who is responsible for distributing the estate (property, assets, possessions) of an individual according to the wishes outlined in their Will. You can claim both an executor's fee and your full inheritance under the will. If you have recently inherited a property you would like to sell, HomeGo can help by providing a same day cash offer. So what power does an Executor of a Will have? The executor of a will is the person responsible for wrapping up the affairs of a deceased person after their death. © 2020 Hugill & Ip Solicitors. There are civil and criminal penalties for executors who fail to execute these responsibilities. Executors are given some powers under the laws of England and Wales, but it is common for solicitors and will writing professionals to include additional provisions in wills they provide. Please contact us today to learn more. If the recently deceased person didn’t create a will or the remaining family members can’t find one, it may be possible for an executor to buy shares of property from other beneficiaries rather than sell the home of the deceased. Executor of will duties in QLD are outlined in the Succession Act 1981. Probate application in Hong Kong is handled by the Probate Registry of the High Court. This enables the executor to appoint professionals – such as investment managers or stockbrokers – to manage the estate. The person who died will normally have told you if you’re an executor. For example, the executor can’t remove some people from the will or add others because this isn’t his or her decision to make. However, most do share the following responsibilities: When someone accepts the role of executor, he or she makes most decisions regarding the will and estate of the deceased. Arranges for and supervises the distribution of the testator’s assets and property. The executor should not allow his/ her own interest to be in conflict with the beneficiaries, and should not benefit personally from the administration; act impartially for the benefits of all beneficiaries, without following instructions from one specific beneficiary to the detriment of others; keep a proper account of the estate, and answer to reasonable enquiries made by the beneficiaries; and apply reasonable care when exercising the powers. Does the named Executor have to serve? The court keeps a close eye on what an executor spends from estate money and why, but she’s also entitled to compensation for her services and reimbursement for expenses she pays out of her own pocket. The executor has power to move the funds as he wants, but must keep them separate. Any reference to a licensed real estate agent is meant to imply an agent representing HomeGo and its affiliates as a principal buyer. Selling the home or the assets inside of it for less than this can result in the removal of the executor and halting of the real estate transaction. The responsibilities of an executor include: Close friends and family members are often chosen to be the executors of their Will, but most of all, the executor is chosen because he/ she was entrusted by the testator to carry out the duties faithfully and diligently for the benefits of the beneficiaries. Its contents do not constitute legal advice and readers should not regard this article as a substitute for detailed advice in individual instances. You may have to make decisions about which assets to sell and which to distribute to heirs. The executor is required to be able to present a full accounting of what he has done with any estate assets. The executor can’t sign the will on behalf of someone who has already died. However, executors can also petition the court if they feel that a beneficiary is attempting to stall the deal indefinitely or is otherwise acting in an unreasonable manner. There are a number of important responsibilities of an executor, which can be summarized as follows: An executor is the person who has the legal duty to follow the directions listed in your Last Will. This task can include paying any of your outstanding debts and dividing your assets among your beneficiaries. It’s the job of the executor to ensure that others follow the wishes of the deceased individual. Now you know what an Executor of a Will does, what power do they have in practice? The executor can be a beneficiary of the estate. Unless the executor is a professional – such as lawyer or accountant – the role of executor is not remunerated. Consider this, each beneficiary of the estate may be entitled to portion of the decedent's estate. It is worth noting that blocking some types of cookies may impact your experience on our website and the services we are able to offer. Affidavits are required, with schedule of assets and liabilities of the deceased (Form N4.1) exhibited. When no beneficiaries want to reside in the inherited piece of real estate, the executor must list the property for sale at fair market value. If applicable, determine which beneficiaries inherit real estate according to the will. If the executor predeceases the testator, or is unable or unwilling to act, and no alternate executor is appointed, the Court can appoint someone pursuant to the laws, and issue a grant of “letters of administration with Will annexed” instead of probate. An executor has the power to enter into contractual and legal relationships, to an extent. The role of the executor of an estate is to carry out instructions set out in a will after someone has died. Executors will continue as trustees if money is held for under-age beneficiaries. In many cases it can take up Due to the potential complexity of some wills and various family situations, no two executors perform precisely the same duties. An executor is the person named in the Will who will take on the responsibility to administer the estate. As executor, it’s your responsibility to control the assets until the estate is settled. Any agents referenced do not represent you as a home seller. If the beneficiaries feel at any point that the executor is not following performing their duties correctly, they can bring the case before a judge and request that he or she remove the executor. HomeGo may utilize the services of an affiliated real estate brokerage to transact home purchases. The executor would also be a beneficiary in this case. When it boils down to essentials, an executor of a will is responsible for making sure that any debts and creditors that the deceased had are paid off, and that any remaining money or property is distributed according to their wishes. If you have been named as executor of a will, QLD Estate Lawyers can make this process less confusing. For the above reasons, anyone who makes a Will should make careful considerations when choosing the executor, and whether to put in additional clauses governing the powers and duties of the executor in the Will. If asked to do this now I would sit down with the person & help them document all of these details on a spreadsheet that includes contact names & phone numbers for everything. Alfred assists high net-worth individuals (HNWIs) in handling their wealth-related issues, such as contentious and non-contentious trust and probate, mental capacity, family office, amongst other wealth management matters. HomeGo works with properties in all types of conditions so long as we can ultimately sell it for a profit. YouTube) disabled/enabled, Hugill & Ip and Four Partners Recognized for their Pro-bono and Community Work, SCMP Young Post | So you want to be a lawyer? When you write a will using our online will writing service, it will include a set of general provisions. Before agreeing to execute a will, it’s important to understand what you’re getting yourself into. It is very time consuming & can be very difficult if the deceased has not left a good record of all investments, life insurance, credit cards, etc. The executor always has the obligation to act in the best interests of beneficiaries. As far as the contents contained in the Real Property (Home), yes they do have the authority and duty to secure the home. It also highlights the importance of having the Will drafted by a professional to avoid any confusion over the rights and duties of the executor. This document gives the Executor the legal power to deal with the estate. Here is a summation of things that you will need to do as an executor. There are a number of important responsibilities of an executor, which can be summarized as follows: This would reduce the inheritance paid to the executor and beneficiary according to his or her share of the parents’ home. We don't eat shark fin but our website does use cookies, mainly for analytics and provision of content from other websites. However, what they are allowed to do with this access is limited – … Another common question that people have in this situation is “Can an executor withhold money from a beneficiary?” Unfortunately, the answer to this question isn’t a straightforward yes or no. Due to the potential complexity of some wills and various family situations, no two executors perform precisely the same duties. The executor will have some reporting requirements to beneficiaries, where they need to report on what is in the estate as well. The executor has authority from the county probate court to act in this role, but that doesn’t necessarily mean that the executor … An even distribution – such as lawyer or accountant – the role of the deceased ( Form N4.1 ).... You ’ re getting yourself into that professional appraisals be done and criminal penalties for executors fail... Take a closer look at what an executor property you would like to and... 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