Firstly, the role of executor is that of fiduciary, not beneficiary, and as such the executor is only entitled to their executor fee, not an inheritance. The executor fee includes the legal right to be paid by the estate for their time and effort. This amount is dictated by state probate code, and is coincidentally the same amount paid to a probate attorney administering the estate. In addition to their statutory fee, an executor may be entitled to recover extraordinary executor fees for services that are not a normal part of an administration, such as selling real property, running a business, litigation, etc.
Secondly, if the executor is ALSO a beneficiary, then they are entitled to their inheritance distribution as dictated by the will, trust, or state intestacy law. Plus, they are entitled to be paid for their time and effort. At RMO, we see many executors declining their executor payment, when they work with a probate lawyer.
Presumably, because the probate lawyer is handling the probate responsibilities, the named executor would rather their executor fee be distributed fairly to the other beneficiaries. So, it's important to think carefully about who to appoint as your executor. Your executor should not only be someone you trust, but also someone that is capable of undertaking this task when the time comes.
What's more, your chosen executor does not have to take on the role if they don't want to. For this reason, if you want to appoint a family member or friend, it's best to speak to them about this first. For more information see how to choose an executor when making a will.
Naming one of your beneficiaries as the executor of your will is a common approach. It's very likely that you will want to name at least one of your beneficiaries as your executor, and it's not unusual for this to be your main beneficiary.
On the other hand, it might be that your executor is not named as a beneficiary. Maybe you want your children to inherit everything, but you would like your extremely competent friend to act as an independent executor. Again, this is perfectly acceptable to do. What a beneficiary should not do, however, is act as the witness to your will.
Neither should the beneficiary's spouse or civil partner. If a beneficiary acts as a witness, it won't invalidate your will but it will mean that the beneficiary is no longer entitled to receive their inheritance. You should to sign the will in front of two independent witnesses. These witnesses will then need to sign the will witness it in front of you. Home Media centre Can I name a beneficiary as an executor?
Can I name a beneficiary as an executor? What is the difference between a beneficiary and an executor? Choosing your executor Being an executor is a big job that should not be underestimated. Not only do you need to oversee the transfer of assets to the proper beneficiaries, but you also need to pay debts , close accounts and wrap up other miscellaneous affairs for the deceased.
Many executors are attorneys or accountants who may not know the deceased very well. However, many times the executor is a close relative or spouse of the decedent the person who has died. In these instances, the executor of the will may also be one of the beneficiaries named in the will. The short answer is yes. Paul Newton, Whitley Bay. Mrs R, Northumberland.
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