A beneficiary is an individual who is named to inherit part of a deceased individual’s estate. When someone dies with a valid will, their will should include any beneficiaries that they have named. These individuals will collect the possessions that have been named to them. As a beneficiary, they do not have to worry about estate administration matters as an executor would. Instead, beneficiaries should just be involved in the distribution of the estate by collecting the right items.
What is an executor?
An executor is an individual that is named by the deceased person in their will to execute tasks of estate administration. When the person dies, the executor is the one who should file the will with the Surrogate Court. This document should be filed in the county where the deceased individual lived. As an executor, there are many tasks that you would have to complete.
Executors are named to take care of any needs left behind by the deceased. Once the individual dies, the executor will have to pay any remaining debts or taxes that are present. The executor is in charge of gathering and distributing the assets named in the will to dole out to beneficiaries.
What is a will?
A will is a legal document that outlines what is expected for estate administration. Individuals draft wills before their death concerning the administration of their possessions after they die and include directions on who will be in charge of their estate. In order to be considered a valid will, these documents need to go through the probate process. This is to prove that the individual was in a clear state of mind when their will was made. It is important to make sure that no one took advantage of them. When the will is signed, witnesses will be present to ensure the individual is acting of their own accord. The will is also notarized. Individuals may wish to update their will for a variety of reasons. When the birth of a child happens, a divorce occurs or the death of a spouse, individuals can update their will to fit their wishes.
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