It is not recommended to make a beneficiary of your will its executor if there is a conflict of interest.
If you only have one beneficiary, naming that beneficiary as the executor makes sense, as long as they are competent and able to manage their own finances. While this is legal, it is not recommended to make a beneficiary of the will, its executor. This is an obvious conflict of interests. If there is more than one beneficiary, then one beneficiary may favor his or her own interests over the rest of the beneficiaries.
Many of the cases we have in probate involve beneficiaries names as executors putting their interests before everyone else. Even when executors are doing everything they think they are supposed to do, they sometimes fail to keep proper records or accidentally do the prong things that expose themselves to legal action.
Often testators choose to appoint a trusted family accountant or attorney as executor to handle the matter to the best and fairest interests of all parties.
- Read about the Probate Process in New Jersey.
- Read about how the NJ Probate Process Works.
- Read what a New Jersey Executor is responsible for in the NJ Probate Process.
Having someone who you can trust to go over and counsel you in all elder law and estate planning matters is critical to minimizing conflict and undue delays in the probate process. Lazaro Cardenas offers legal and personal guidance through the NJ probate process. For an initial free phone consultation call Lazaro Cardenas a New Jersey Probate Attorney from the Law Firm of Patel, Soltis & Cardenas at (973) 200-1111.