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There are benefits and detriments to everything, and appointing a bank as an executor is no different. Appointing a bank is only beneficial if it is a substantially large estate. In fact, most banks will refuse to become the executor, even if named in the will as the executor, if the estate does not consist of certain minimum amounts it fixes. Benefits flow mainly from the financial expertise they have in handling large sums of money and investing them while the estate is being administered so as to obtain the best rate of return. Another benefit is that it takes administration of the estate out of the hands of a single family member where jealousies or other family issues might cause losses, delays and other problems.
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What happens in Missouri when the executor of a will is incarcerated?
The court will not usually appoint someone to be an executor if they are incarcerated. The court can appoint anyone as the executor and will often appoint a bank or lawyer to take care of the estate.
What happens if the executor listed in the will can not be found?
The court will appoint an executor. That is often an attorney or a bank.
What if no executor is named?
The court will appoint one, often an attorney or bank.
What happens in Texas when the executor of the will was incarcerated for a felony?
In Texas, if the executor of a will is incarcerated for a felony, they may be disqualified from serving as executor. It will be up to the court to determine if a new executor should be appointed to handle the estate administration.
Who becomes the executor of an estate if no one accepts being executor and no relatives?
The court will appoint an executor either an attorney or a bank. The cost will come out of the estate.
Who becomes executor of will when original executor dies?
Upon the death of the testator the Will must be presented to probate court for allowance and the court must appoint the executor. The court will generally appoint the executor named in the Will if one was named. If that person is deceased or declines to serve the court will appoint a successor. An interested party can request appointment.
Who becomes executor if no will?
The family can petition the court to appoint someone. While it could be a family member, the court may appoint a bank or attorney to serve.
Can an estate executor sign over responsibility to the estate attorney in Tennessee?
The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.The executor can resign through the court and the court can appoint the attorney as the executor.
What happens when the two executors of a will denounce their roles as executors?
The remaining executor can submit a resignation to the court and request that a successor be appointed.
What to do when your brother passes as an executor?
Have a new executor appointed by the court, which could be you. That person will then take over the duties and execute the will. The court can appoint an attorney or bank to serve.
You were listed as an executor on a will and do not wish to fulfill those duties how can you be removed?
Simply tell the court you don't wish to serve. They will appoint someone else as the executor. If there are no family members willing to serve, the court will appoint an attorney or bank to do the work.
How can an incapacitated independent co-executor of an estate be replaced?
The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.The co-executor must resign and the court can appoint a successor if an independent co-executor is necessary.
