Tag Archives: Executor

Understand the Details of the Estate

13 Wednesday Jul 2016

Posted by in Estate

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Details of the EstateTo have a smooth estate administration, it’s important for the executor to understand the details of the estate. In the article Understand the Task in Front of You, the article identified the steps needed to close an estate going through the formal probate process. However, it’s not enough to know just the steps. The executor must also know the details involved in those steps. Only then the executor can develop a coherent administration plan that will help close the estate smoothly.
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How to Handle a Belligerent Beneficiary

02 Saturday Jul 2016

Posted by in Beneficiaries

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Belligerent BeneficiaryThe belligerent beneficiary is a type of beneficiary that feels slighted by the estate. For whatever reason a beneficiary feels slighted, the beneficiary becomes belligerent by acting out towards the estate and the executor in any of the following ways:

  • A beneficiary may try to insert themselves into the process by continually demanding updates, reports, or accountings.
  • A beneficiary can threaten to exercise their right to contest the will or threaten a lawsuit.
  • Feeling slighted, a beneficiary may become uncooperative by withholding information needed by the estate such as signed assent forms.
  • A beneficiary may try to harass the executor into giving them more property than otherwise entitled.

Regardless of how a beneficiary behaves towards the estate, the executor must respect the rights of each beneficiary and treat them professionally, fairly, and, if necessary, firmly.

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Executor Rights to an Estate

23 Thursday Jun 2016

Posted by in Probate

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Executor RightsIn settling an estate, executor rights are helpful to the executor. In general, the executor is responsible for managing the estate, paying off debts, paying taxes, and complying with the will in distributing property to beneficiaries. Furthermore, to make sure that the executor can do the job properly, the probate court grants the executor rights. The following is a list of executor rights granted by the probate court:

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Communicating with the Beneficiaries is Essential for the Executor

15 Wednesday Jun 2016

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Communicating with the BeneficiariesIf an executor wants a smooth administration, communicating with the beneficiaries of an estate is essential. Because beneficiaries of an estate have rights,  the executor must respect those rights and communicate with the beneficiaries regularly.

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Good Record Keeping: Crucial for an Executor

04 Wednesday May 2016

Posted by in Record Keeping

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Record KeepingAs executor, you will need a good record keeping system to handle all the documents of the estate that will come your way. An efficient filing system and good record keeping will keep you from wasting time searching for information when needed. Moreover, beneficiaries, insurance companies, banks, and other organizations may hit you with questions; therefore, it would save time if you had the necessary documents on hand. So, a good record keeping system will help you administer the estate smoothly.

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How an Executor Distributes 1099 Income as a Nominee

22 Tuesday Mar 2016

Posted by in Taxes

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Form 1099 for NomineeAn executor becomes a nominee when the estate receives a 1099 showing income for the entire year and a part of that income belongs to other parties. In the article How to Report 1099 Income on the Final Return, the “Nominee Distribution” represents the earned income after death. Therefore, excluding the nominee distribution from the final return becomes necessary because that income goes to the estate or to the beneficiaries. As a result, the executor becomes the nominee and must distribute the income labelled nominee distribution to the rightful owners. Otherwise, the executor will face fines for non compliance.
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Can I Opt-Out from Serving as Executor?

02 Wednesday Mar 2016

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Serving as ExecutorServing as executor of an estate is not a requirement for any person. Even if the will named you as executor, you can decline to serve. In addition, if the probate court appointed you executor of an estate, you can resign by petitioning the court at any time while administering the estate.

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