Alex What is a fiduciary in probate?
The executor has a fiduciary duty to an estate, and to its beneficiaries, when settling an estate plan. A fiduciary is someone in a position of trust and power, and the law recognizes this and so places an added burden on that person or institution to act with honesty, integrity, good faith, fairness and loyalty.
What is a fiduciary estate?
Summary: A fiduciary, in estate planning terms, is a person who has a legal or ethical relationship with another person. Fiduciaries typically have a professional obligation to advise a person in matters of law, finances, or property — keeping the other party’s best interests in mind.
Who is the executor of an estate in probate?
If no person is named in the will to serve as executor or executrix, probate court will appoint an administrator to handle the distribution of the estate. Each of these (executor, executrix, administrator) has a fiduciary duty, or duty of trust, to properly settle and close the estate. (For executor responsibilities, see executor.org)
Do you need a probate bond to become an executor?
Sam is very surprised to learn from his attorney that probate court requires that Sam obtain a probate bond PRIOR TO the court appointing Sam as administrator of the estate. What is an estate executor, executrix, administrator? A person named in a will to act in the proper settlement of the estate is an executor (if male), or executrix (if female).
Who is responsible for probate in Monongalia County?
Referring to WV Code 7-7-7, in our county, the clerk has chosen to designate two of his assistants as responsible for all probate matters. Nonprobatable asset- an asset that changes title by a means outside of probate by contract or by trust.
What are the duties of a fiduciary Commissioner?
The Fiduciary Commissioner- person who has general supervision of all fiduciary matters that are referred to him or her. Duties are very similar to that of a judge.
If no person is named in the will to serve as executor or executrix, probate court will appoint an administrator to handle the distribution of the estate. Each of these (executor, executrix, administrator) has a fiduciary duty, or duty of trust, to properly settle and close the estate. (For executor responsibilities, see executor.org)
When does a fiduciary have to file an inventory?
Generally, the fiduciary must file a complete inventory of the assets in the estate within four months of qualification with the Commissioner of Accounts (a local person appointed by the Circuit Court to oversee and ensure that estates are properly handled.)
Who is involved in the probate of wills?
Usually the Clerk of the Circuit Court or a deputy clerk handles the probate of wills and the circuit court judge is not involved. However, any person interested in the will may appeal to the judge within six months of the order of the clerk admitting a will to probate.
Sam is very surprised to learn from his attorney that probate court requires that Sam obtain a probate bond PRIOR TO the court appointing Sam as administrator of the estate. What is an estate executor, executrix, administrator? A person named in a will to act in the proper settlement of the estate is an executor (if male), or executrix (if female).