Notary Articles by - Beverly Carter Notary Public
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Will Wednesday: Two charities named as beneficiaries — should we be concerned?

Posted on April 4, 2018

Q. Charities as Beneficiaries There are two charities named as beneficiaries — should we be concerned? A. Charitable Organizations can be Professional Beneficiaries Modern corporate governance require charities to no longer be simply patient and grateful to receive a bequest. Many charities are now much more diligent in their review of executor performance, and less… Read More

Will Wednesday: Just in case we forget something, we are planning to hold back money from distribution until we’re more comfortable. Is this an issue?

Posted on March 28, 2018

Q. Just in case we forget something, we are planning to hold back money from distribution until we’re more comfortable. Is this an issue? A. Maybe not. Withholding money to allow for contingencies may be prudent if you can establish good grounds for doing so. Beneficiaries are not consistently patient with this practice and sometimes… Read More

Will Wednesday: We put Mom’s investments and her house in our joint names. Who gets the money?

Posted on March 21, 2018

Q. We put Mom’s investments and her house in our joint names. Who gets the money? A. Many individuals conclude, often incorrectly, that the ownership of joint investments or real estate holdings pass to the joint account holder automatically when ·the other account holder dies. A joint account, including ownership of property and or financial… Read More

Will Wednesday: After acting as a parent’s Enduring Power of Attorney for Property- should we be concerned if we also act as executor?

Posted on March 14, 2018

Q. After acting as a parent’s Enduring Power of Attorney for Property- should we be concerned if we also act as executor? A. Beneficiaries are often much more vigilant in examining the actions of the executor who has previously managed the financial affairs of the deceased. Some beneficiaries, including charitable organizations to which the decedent… Read More

Will Wednesday: What kinds of tasks am I responsible for as executor?

Posted on March 7, 2018

Q. What kinds of tasks am I responsible for as executor? A. This is a brief summary of tasks pertaining to the financial aspects of your duties. There are a number of non-financial related tasks that must be performed as well. – obtaining the probated will of the decedent; – advertising for and/or notifying creditors… Read More

Will Wednesday: Does my home insurance cover liabilities occurring when acting as an executor?

Posted on February 28, 2018

Q. Does my home insurance cover liabilities occurring when acting as an executor? A. No, typical home insurance covers injuries and property damage to other parties but does not cover estate administration errors that result in financial loss to other parties.

Will Wednesday: Who pays when the estate gets sued?

Posted on February 21, 2018

Q. Who pays when the estate gets sued? A. Traditionally, it was acceptable to use the beneficiaries’ money from the estate to defend and pay for legal actions brought against the estate during administration. Courts today are re-examining the traditional access to estate money in respect to lawsuits; they may impose restrictions or prohibit the… Read More

Will Wednesday: Do I as executor have a financial obligation if I make a mistake?

Posted on February 14, 2018

A. People don’t typically think about the role of executor as having a personal financial risk but nothing could be further from the truth. It’s important that people understand they are effectively pledging their own personal assets against a significant loss of estate value that is attributed to their negligence in administering the estate as… Read More

Will Wednesday: Who is the executor responsible to?

Posted on February 7, 2018

Q. Who is the executor responsible to? A. The executor is personally liable for his or her actions to the following groups or individuals: – Beneficiaries and creditors for investment losses and breaches of trust; and – Other parties, with whom the deceased may have had dealings, for contractual obligations and wrongs in law (tort… Read More

Will Wednesday: What is the executor’s legal duty?

Posted on January 31, 2018

Q. What is the executor’s legal duty? A. The executor has a fiduciary duty to the parties to the estate. A fiduciary duty is a much higher standard of care and performance than is typically required in a non-fiduciary role, because it involves the management and distribution of money belonging to other parties. The required… Read More