What happens if a beneficiary mismanages an estate?

Mismanaging an estate is not without consequences. If an heir or beneficiary believes you are not appropriately fulfilling your legal obligations, they have the right to file a petition with the probate court to get a full accounting of the estate’s assets or to have you removed as the executor.

Can a sibling decline to be an executor or trustee?

Siblings can decline an appointment as executor or trustee so that someone else can be the fiduciary and make decisions on asset distributions. If siblings are named as fiduciaries, they need to formally decline the appointment.

Who are the executors of the Michael Jackson estate?

That’s certainly been the case for the Michael Jackson Estate executors: entertainment attorney John Branca and music executive John McClain. Well, at least the headache part. Here are the top 5 legal challenges and complications that the estate executors have had to worry about in the last few months alone: 1.

How to avoid legal challenges from disinherited siblings?

However, to avoid legal challenges by a disinherited sibling, a parent should consider discussing the matter with the child or explaining the reason in the will. Another good practice is to use a trust to specify property dispositions after death.

Who is the executor of an aunt or uncle’s estate?

If you are the closest living relative (your aunt or uncle does not have a living spouse, descendants or parents) or you are named as the executor in your aunt or uncle’s will, then you can be named the executor or administrator of their estate. Can I inherit from my aunt or uncle if they were not married and the children are not theirs?

What are nieces and nephews rights in inheritance?

Nieces and nephews inheritance laws endow you with certain rights to your aunt or uncle’s inheritance. However, your rights are lower priority than those of your aunt or uncle’s more immediate family members.

What happens if you fail to maintain a life estate?

A life estate tenant has a legal duty to maintain the property, pay the property taxes and mortgage interest (if any). Failure to do so is called “waste.” ICLV2020. Real estate’s premier event. When a life tenant commits waste, that is a legal basis for the remaindermen like you to sue to have the life estate terminated for waste.

Is the house subject to a life estate?

We divided the assets equitably with no problems, except for his house. Our father, who was “losing it” and becoming senile by the time he died, left the house to us, but subject to a life estate for his live-in girlfriend, now age 56. She lives in the house but is letting it badly deteriorate.