Can the executor be the beneficiary?
Absolutely. And we see it all the time. Mom or dad comes into our office to set up their last will and testament and they have three kids. Two of them are horrible with money. And there is no way in the world that that mom is going to put their son or daughter in charge of their estate during the probate process. But maybe there is one particular son or daughter who is really good with money or has a really good head on them. And they trust them implicitly to follow the directions in their last will and testament. And in that last will and testament, it says, You son or daughter are my executor. You're my personal representative in the probate process, after I pass away and I want you to pay all my debts, gather all the assets up and then I want you to split my estate three ways between yourself and your two siblings.
Family members
So absolutely, a family member who is a beneficiary can also be the executor or the personal representative of your estate. Again, it depends on your jurisdiction, but most states and most jurisdictions allow a beneficiary to also be the executor or personal representative of your estate as the executor or the personal representative. They have certain fiduciary duties to the court and to the estate and to the other heirs to make sure that everything is done absolutely correctly. And in almost all jurisdictions, there are requirements in place that will require whoever the executor is, even if they're are beneficiary, to let everybody know the court know the heirs know exactly what is coming into the estate and what is going out of the estate.
Liability
And if they don't do that correctly, the personal representative or the executor could be personally liable for whatever they took fraudulently or did incorrectly. So it's very important to pick somebody in that position that you implicitly trust to be your executor or personal representative. They mean the same thing. Make sure you implicitly trust them. To carry out those duties. And if they have a probate attorney helping them, the probate attorney will usually guide them through the process and make sure that everything is done correctly. Above board and legally so that the other errors are comfortable with that particular beneficiary. Also being the executor of the estate.
Estate Planning
I know I've thrown a lot at you today, so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comments section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoy this video, then guys please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video. Have a great day and an awesome week. And as always, thanks for watching.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118
405-213-0856