What is the hierarchy of next of kin?

What is the hierarchy of next of kin?

Your next of kin relatives are your children, parents, and siblings, or other blood relations. Since next of kin describes a blood relative, a spouse doesn’t fall into that definition. Still, if you have a surviving spouse, they are first in line to inherit your estate if you die without a will.

What is the difference between executor and trustee?

An executor manages a deceased person’s estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.

Can second cousins inherit intestate?

Cousins (but, if deceased, their descendants) are the remotest relatives that can inherit under the laws of intestacy. Common Law Husbands / Wives are not recognised under intestacy law. They have to go to Court if they wish to be allocated an inheritance.

Who are the executors and trustees of an estate?

The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for …

Can a brother or sister be an executor of an estate?

“Obviously, an executor or trustee has to outlive you, so you wouldn’t want to name your brother or sister if they’re your age or older.” Every estate-planning expert has faced an executor or trustee who was unavailable when needed — whether because of disability, distance, or death. That’s why they harp on naming backups.

Can a reserve executor be appointed in a grant of probate?

The reservation is made by signing a document known as a ‘power reserved’ letter. If one of the executors with grant of probate dies, decides to step down, or is otherwise unable to continue administering the estate, a reserve executor can then be appointed.

Can a beneficiary of a will be an executor?

Neither the executor nor the beneficiaries have any rights with regard to the estate before the testator passes away. Just because you’re named in the will doesn’t mean you get to start making financial decisions about how your Aunt May is handling her assets.

Previous Post Next Post