Writing a will is something that everyone should do while alive, as doing so will inform all parties of what will happen to your assets when you pass away. There are various facets of a comprehensive estate plan, however, which is why it is critical to ensure that you create your will and other parts of your estate plan with the assistance of a knowledgeable Maryland estate planning attorney. That being said, in your will, you will list one or more beneficiaries, or people who are to receive your assets upon your passing. Whether you are a beneficiary or you are the executor of an estate, you should continue reading and speak with our firm to learn more about the process ahead. Here are some of the questions you may have:
What are the responsibilities of a beneficiary?
In Maryland, beneficiaries have very little responsibility. Your primary job as a beneficiary is simply to receive the assets that were given to you in your loved one’s will. These assets will be passed down by the administer of your loved one’s estate. Beneficiaries may also acquire a trust from a deceased individual. While your responsibilities as a beneficiary are few, there are certain scenarios that may change this. For example, in certain cases, if you believe that the administrator of the estate is behaving dishonestly, is concealing certain assets, or is otherwise looking to withhold assets to which you are entitled, you may contest the will and work have the administrator removed from this position. In this case, a beneficiary may take over as executor/administrator.
What are an executor’s responsibilities in the administration process?
When an executor administrates an estate, he or she will have multiple responsibilities towards his or her beneficiaries, and to the decedent. The executor’s main purpose is to ensure that the decedent’s will is carried out in accordance with the decedent’s wishes. In many cases, executors will also have to pay off debts/taxes that the decedent left behind. In certain cases, wills are required to pass through probate, which can make matters all the more complicated. For this very reason, if you are chosen to be the executor of an estate, you should strongly consider retaining the services of a knowledgeable Maryland estate administration attorney who is familiar with the ins and outs of the administration process. For any further questions, give us a call today.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.