Can an individual be both a beneficiary and an executor of a will?
Can an individual be both a beneficiary and an executor of a will? Choosing an executor for your estate is a big decision. Depending on the circumstances, you may choose a family member or a stranger. Either way, you'll want to make sure you have all the details before you make the decision. The best way to do this is to consult an attorney. Executor An executor's responsibilities are numerous. They must collect all of the deceased's assets, pay off any debts, and distribute them to the appropriate beneficiaries. They must also be responsible for paying any taxes owed on the estate. They will also need to find and account for any gains and losses incurred while the deceased was alive. These tasks will require time and attention. The executor will also need to determine if the estate is eligible for any inheritance tax or charitable tax benefits. Getting an attorney One of the best uses of time is to get an attorney to assist you with the probate process. An attorney will be...