Executors and trustees are the people who manage and handle the assets on behalf of the deceased person, including their finances, personal properties, and other assets. The dead person’s will is created to state who will be the executor of their estate. An executor is generally not a relative and does not have children unless they will explicitly waive an executor parent’s requirement. In this case, the person listed as the executor on the will is known as the decedent’s estate executor.
In many instances, a power of attorney that has been revoked may not be revocable at all. In the cases where a power of attorney is revoked, it is nearly terminated, and there is no residue or right of redemption remaining. Most common examples of this are when the person no longer has any use for a power of attorney, and the person is no longer qualified to exercise it. Other times, revocation occurs because of fraud or another unethical act. Either way, if an executor cannot manage the deceased estates somehow because of these circumstances, then the entire property and account would need to be sold to pay off debts, for the benefit of the decedent’s dependents.
When an individual dies, they often leave a trust as the centrepiece of their estate. A trust is a legal document that exists separate from the decedent’s estate and is designed to be managed by a trustee. In instances where the individual lived for a long time and had numerous affairs, they may leave several joint accounts and financial matters without instructions on how the monies will be divided. Suppose the deceased estates are under the customary law. In that case, a court may decide what should happen to the estate’s financial affairs, including who will get each asset and how it will be divided among the beneficiaries.
A lawyer can help with how trust is created and administered. It is because the lawyer can help determine who can legally administer the estate after the decedent dies. Even if the decedent was not in the state when they died, some legal personal representatives could establish and administer the estate. It can be done by choosing a probate court official, or by naming a financial institution as the executor. In cases that do not go through probate, the family may appoint a person as the executor on their behalf.
Many people choose to have a representative to administer the deceased estates instead. It makes sense for them because it gives them more control over how the money is used, and it also keeps the executor in the same state and the same residence. Some families may choose to have the executor or personal representative of their loved ones’ trust deed or sell the property to pay off debts. Another option is to have the executor liquidate the property and pay off debts. Another example is cremation.
When a loved one deceased, the last thing most families want to do is figure out how their bank accounts will be handled. However, many steps can be taken to protect your family’s final assets. The best way to do this is to appoint an attorney who can manage your decedent estates’ affairs. An attorney will help protect all property and ensure that all debts and beneficiaries are adequately allotted.