Managing an estate takes a lot of time. Can the Sole Beneficiary of a Will Act as the Executor of the Will? You can choose to make a specific bequest to the executor. But that does not mean that they should not be careful. All of those are valid arrangements. How Do You Calculate Capital Gains Tax on a Gifted Asset? The following Wills & Probate Q&A provides comprehensive and up to date legal information on Can a sole executor who is also the sole beneficiary under a Will appropriate real property to … The timeline for probate Relatives and family friends can make good … Beneficiaries and executors. The estate belongs to all the beneficiaries. This will allow the executor to receive the funds as an inheritance rather than an executor's fee. Yes. It’s common for close family members to be named as both an executor and beneficiary in the Will. More detailed FAQ, 212-233-1233 Yes, an Executor of a Will can also be a Beneficiary. A Note on the 2013 Lifetime Federal Estate Tax Exemption and Portability Rules, How Forming a Life Insurance Trust Helps Save Money on Estate Taxes, If there's property in more than one State. In addition, remember that if the executor is your sole beneficiary, they may have little help from family or others to complete the many tasks involved in administering your estate. If you are an executor and beneficiary of the same estate, you actually have quadruple incentive to make sure you are doing the best job possible. •    Selling real estate If he withdraws a penny, most of that penny belongs to the other beneficiaries. In fact, the majority of executors are beneficiaries! A home and a retirement fund. If there's property in more than one State A New York probate and estate lawyer to help them with the administration and management of the estate. You will see this when the spouse of the deceased person is appointed executor in the will and inherits the entire estate. An executor of a will is the person named in the will who is responsible for arranging the allocation of a deceased person’s property and carrying out their wishes. The decedent may also choose to name a sole beneficiary and another unrelated family member who may have more time, or who is better qualified and has more experience in handling business and financial matters as co-executors to share tasks or certain responsibilities. attorneyalbertgoodwin@gmail.com, Albert Goodwin, Esq. Fewer may be aware of what a personal representative does or what “interested person” means when it comes to estates. Can an executor of a will be a beneficiary? So if an executor withdraws cash from the estate account, he is considered by the law to be taking everyone’s money, not just his own. •    Distributing assets and winding up and closing the estate. It is not an unusual arrangement. Kansas Restrictions on Who Can Serve as Executor. In fact, the majority of executors are beneficiaries! Q: Is there any reason why a sole executor who is also the sole beneficiary under a will cannot assent by way of gift some real property? 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. Can a sole executor who is also the sole beneficiary under a will assent real property to himself? It is technically possible to make changes to a will by creating a deed of variation. This is done either consistent with the terms of a valid will or the intestacy laws of the state. For example, a lady left her inheritance to her four children, and one of the children is an executor. The timeline for probate The terms "sole heir" and "executor" are commonly used in estate planning and probate law. Most of us are at least passingly familiar with what a beneficiary is. This makes sense, as executors are better able to perform their duties when they are familiar with the decedent’s situation. If you wish to speak to a New York estate attorney, call the Law Offices of Albert Goodwin at 212-233-1233 or 718-509-9774. New York, NY 10006 Can an executor of a will be a beneficiary? The decedent may also choose to name a sole beneficiary and another unrelated family member who may have more time, or who is better qualified and has more experience in handling business and financial matters as co-executors to share tasks or certain responsibilities. Receive the funds as an inheritance rather than an executor 's fee and beneficiary the... It comes to estates four children, and one of the state to her children... You will see this when the spouse of the children is an executor 's.! To make a specific bequest to the executor withdraws a penny, of. Laws of the will when the spouse of the children is an executor a! 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