Puerto Rico Affidavit by an Attorney-in-Fact in the Capacity of an Executor of an Estate
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How to fill out Affidavit By An Attorney-in-Fact In The Capacity Of An Executor Of An Estate?
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FAQ
The executor has no right to hold any portion of the distributable assets until a beneficiary provides an approval or release of the executor's performance of duties as trustee, or the executor's compensation or fee.
Finally, an executor has the power to distribute what remains of the estate to the beneficiaries. However, the executor cannot independently decide how the estate is distributed. They must follow the instructions in the will or the succession laws of the relevant jurisdiction.
An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.
If the estate must go through probate, the probate court will legally confirm your appointment as executor with what are called letters testamentary (sometimes called surrogate certificates).
Executor misconduct breaches the duty to honor a deceased's wishes. Misbehaviors include misappropriating funds, favoritism, undisclosed conflicts, and undue distribution delays. Neglecting property, failing to settle debts, and unauthorized investments are other misconduct forms.
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate in the best interests of the beneficiaries (and not yourself), taking care with the assets. So an executor can't do anything that intentionally harms the interests of the beneficiaries.
All beneficiaries do not need to formally approve estate accounts; however, it is best practice for the Executor(s) and main beneficiaries to sign the estate accounts to show a legal agreement across all parties. Nevertheless, the beneficiaries are entitled to receive a copy of them and review the information.
Beneficiaries must act quickly if they believe a personal representative is stealing from estate. Once the money is gone, it's gone. Yes, you can take the executor to court and possibly even have him or her charged with theft.
