rights of executor

[dmotorsports]

What is the name of your state? ny

the will was made out in florida but i live in ny state and was appointed as executor of the estate
my father passed on 12/5/06

and there is only one beneficiary in the will

there is a house in florida and the asset of a boat and a minivan

the boat is all paid in full, titled is in his name

the car is 2003 minivan and is paid in full ,titled in his name

my ? is does the beneficiary have the legal right to take possession of said items

the boat is in the beneficiary's home in nys
the minivan is located in florida
the home is located in florida

do i have the legal right to sell said items to pay off the debt and then distribute the funds from the sale of said items and then give the funds to the beneficuary
wat rights do i have and what actions can i and cant take

the house has a mortgage and it appears a equity loan was taken out on the home and there credit cards involved.

do i have the right to take possession of said items and to distribute them as i deem necessary


thank dmotorsports

 

[ladybg1]

needs formal probate

In Fla since there is real estate (the home) involved, this has to go thru formal probate & you have to use an atty. I just went thru this last year when my dad passed.

 

[colourfastt]

What is the name of your state? ny

the will was made out in florida but i live in ny state and was appointed as executor of the estate
my father passed on 12/5/06

and there is only one beneficiary in the will

there is a house in florida and the asset of a boat and a minivan

the boat is all paid in full, titled is in his name

the car is 2003 minivan and is paid in full ,titled in his name

my ? is does the beneficiary have the legal right to take possession of said items

the boat is in the beneficiary's home in nys
the minivan is located in florida
the home is located in florida

do i have the legal right to sell said items to pay off the debt and then distribute the funds from the sale of said items and then give the funds to the beneficuary
wat rights do i have and what actions can i and cant take

the house has a mortgage and it appears a equity loan was taken out on the home and there credit cards involved.

do i have the right to take possession of said items and to distribute them as i deem necessary


thank dmotorsports

Basic concept: a Will does not "name" an Executor, it "nominates" one. Once a probate proceeding is opened in the county court of the decedent then the probate judge will issue an appointment to a person to administer the decedent's estate. This person may be the person nominated in the Will, then again it may not. The decision is solely within the judge's discretion. Once appointed then the Administrator (Executor) may distribute the decedent's estate, bound, of course, by the terms of the decedent's Will. Bear in mind that the Administrator must file an inventory of the decedent's estate with the probate court, as well as making periodic accountings to the court.

Also, FL requires the use of an attorney in all probate proceedings. Personally I think this is a bad idea because for FL attorneys this just turns into a steady stream of income they don't really have to work for .... and trust me, trying to get one to WORK for you is next to impossible.

 

[tranquility]

my ? is does the beneficiary have the legal right to take possession of said items

No. The beneficiary does not take possession until the executor decides to distribute title and possession or decides to allow possession.

However, without going into detail, the reasons stated by why you don't want the beneficiary to have possession may be a problem. While the executor has to satisfy many debts of the estate, he would not satisfy the mortgage on the house unless--well, unless certain conditions were fullfilled. Also, if the will left a specific bequest of an item to a person, that item would be the last to be sold to pay for any debts of the estate. Finally, the executor must act in a fiduciary relationship with all the beneficiaries. He cannot favor one over the others in his decisions.

See an attorney. Someone said it was required for the Florida property. I say probate is a lot more trouble than people think and every beneficiary is watching really, really closely to see if you screw up.