Estate planning is an important process, and one of the most critical decisions you will make when creating a will is appointing an executor. When choosing an executor, many people look at close friends and family. Because of this, it is reasonable to wonder whether the executor you choose can also be a beneficiary of the assets in your will. There are important factors to consider, but generally, yes, they can. For more information and to secure skilled legal representation, continue reading and speak with a Middlesex County will lawyer today.
What is an Executor?
An executor is an individual who is responsible for managing an estate after a person has died. An individual who creates a will is known as a testator. When a testator creates the terms of their will, they must appoint an executor who will act on their behalf and carry out the terms of the will after the testator’s death.
The executor has many responsibilities, including initiating the probate process, paying off outstanding debts and taxes, identifying and valuing assets, distributing assets to the testator’s beneficiaries, and more. But what happens if the executor is one of those beneficiaries?
What is a Beneficiary?
A beneficiary is a person who is named in a will as someone who will receive assets from the deceased individual’s estate. They may be designated to receive personal property, investment accounts, money, real estate, and other assets. Anyone can be a beneficiary, including family members, friends, charities, and other organizations.
Can the Executor of a Will Also Be a Beneficiary?
Yes, one person can legally be both the executor and beneficiary of a will. This is very common in estate planning as executors are chosen based on who the testator feels they can trust to fulfill their wishes and take responsibility for the estate. A person they trust enough to do that is generally a close friend or family member whom they want to leave assets and belongings to as well.
As long as the executor acts in good faith to administer the estate as the testator intended, there is no issue or conflict of interest. It is often beneficial as there is trust and an established relationship with the person you are allowing to manage your estate and act on your behalf. It can also be more efficient if the individual is already familiar with the estate and details of your wishes.
Are There Any Exceptions?
Generally, the only time it may be impossible for a beneficiary to also be the executor is if they are not eligible to be an executor. Under Massachusetts law, an executor can only be someone who is over the age of 18 and who the court does not find to be contrary to the best interests of the estate. This generally means someone who is of sound mind and who has the mental capacity to act on behalf of the decedent’s wishes.
If you have questions or concerns about estate law, reach out to an experienced attorney today.
