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Generally speaking, the executor of a will cannot take everything simply based on their status as executor. Executors are bound by the terms of the will and must distribute assets as the will directs. This means that executors cannot ignore the asset distribution in the will and take everything for themselves. However, if the executor of the will is also the only beneficiary named in the will, they can take the estate assets after debts and taxes are paid.
0:00 Introduction
0:01 Can an Executor of a Will Take Everything?
1:09 Can an executor take money from the bank?
2:19 Can an executor sell property of the estate?
2:49 What is an executor of a will?
3:20 Can the executor of estate be changed?
FULL ARTICLE: rmolawyers.com...
Can an executor of a will take everything?
No. An executor of a will cannot take everything unless they are the will’s sole beneficiary.
An executor is a fiduciary to the estate beneficiaries, not necessarily a beneficiary. Serving as an executor only entitles someone to receive an executor fee. While the executor fee will come from the estate funds, it is a legal entitlement to be paid for their time and effort as approved by the court and not an inheritance.
When the executor is also a beneficiary of the will, they are entitled to receive their inheritance on top of the executor fee. However, the executor cannot modify the terms of the will. As a fiduciary, the executor has a legal duty to act in the beneficiaries and estate’s best interests and distribute the assets according to the will. This means that an executor cannot allocate all assets to themselves unless they are the sole beneficiary of the will or if the will expressly gives them the power to do so, which is uncommon.
Can an executor take money from the bank?
An executor can transfer money from a decedent’s bank account to an estate account in the name of the executor, but they cannot withdraw cash from the account or transfer it into their own bank account.
The estate’s assets do not belong to the executor. They belong to the estate. As a fiduciary, the executor must manage the money in the estate account, but they cannot take it for themselves. Even if the executor is also a beneficiary, they cannot take funds directly from the decedent’s account as their “inheritance.” They must wait until the estate is closed and funds are distributed to beneficiaries upon court approval of a petition for final distribution.
Can an executor sell property of the estate?
Yes, executors can sell the estate’s property, with some limitations.
In California, a probate referee will be appointed to appraise the estate assets, including personal property, securities and real estate. The executor may be able to sell the estate’s personal property for 90 percent or more of the appraised value without receiving approval from the court or the beneficiaries. While the executor may not need to get approval from the beneficiaries, executors should provide beneficiaries with notice of the sale.
Can the executor of estate be changed?
Yes, an executor of an estate can be removed under certain circumstances in California. According to California State Probate Code §8502, an executor can be removed when:
- They have wasted, embezzled, mismanaged, or committed a fraud on the estate, or are about to do so.
- They are incapable of properly executing their duties or are otherwise not qualified for appointment.
- They have wrongfully neglected the estate, or have long neglected to perform any duties.
- The removal is necessary to protect the estate or interested persons.
- There is another cause for removal under state statute.
If a question is raised about an executor’s qualifications, the court will hold a hearing to decide whether the executor should be replaced and who is best suited to serve as executor. Interested parties, such as the deceased’s spouse, beneficiaries and heirs, creditors, and other potential executors, have a right to participate. After the hearing, the judge can remove an executor if they agree there are grounds for removal.
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