Can an executor of Estate pocket some money for their own use???
Okay my wife's mother-in-law recently passed away... within her last will and testament, she name my wife, her 2 sisters, and one grandson as beneficiaries of her life insurance... The executor is planning to use money to clear off some of the estate, which is fine I see how that can fit within to the setting... however... the executor is planning to also pull some money to settle up for a truck that has no involvement near the estate of my wife's late mother contained by law... Can the executor do this???
Answers:
Under tenet they can take a percentage of what's disappeared for just self the executor but it might vary from state to state--the funeral home director told me as I be this person's executor.
No. and when the final accounting of the estate is reviewed, he'll hold to account for every cent; and as it is a public register, you'll have the right to review it and own him charged with fraud if he cheats.
If she listed the estate as the beneficiary of her duration insurance and only planned your wife, her sisters and your nephew as beneficiaries of her estate then the money go to the estate, and the executor can not only use it to pay packet off debts and he can also rob a fee for anyone the executor before he give anything to your relatives. When the estate goes through probate he must reason for any money spent.
If, however, she listed your wife, her sisters and your nephew as the beneficiaries directly on the life span insurance then the money should travel directly to them from the life insurance company. It is not member of the estate and therefore the executor have no access to the proceeds of the policy.
The executor can be paid for their time and service. As previously stated, it is usually a percent of the estate. However, unless she have a very colossal estate, the amount to buy a truck seems excessive. By the road, I am confused, is your wife's mother-in-law not your mother????
I lately went thru adjectives of this myself when I was setting up wills. If the beneficiaries of the enthusiasm insurance are your wife, her sisters and the grandson the money will go directly to them and have nothing to do beside the estate. The executor does not get any of this money. If your mother contained by law name the estate as the beneficiary the executor is going to get the money.
Usually the executor get something for their time but not enough to buy a clean truck. Speak with the attorney to be exact handling the probate as they will be able to help out you with this.