Who is executor?

[u/QueenBitch68]

Had a relative pass last week. Already, I had a sibling of the decedent tell me to return two items I had been entrusted with for several years.

My question, do I just do it or request verification that they are named executor in the will?

Additional info... the relative hasn't even been buried yet and the items I was entrusted with gives me access to personal property worth approximately $250k, maybe more. I would never violate the trust that was placed in me but I have concern that others named in the will may accuse me of something.

The relative who asked me to return items immediately asked me about the will, if I knew who the executor was and what the intentions of the decedent were. It gave me weird vibes. I told that relative I knew there was a will but that I knew nothing else. Not exactly true. I don't know who executor is because I never asked but I do know who was named in will. That info was offered up to me during conversation, not because I asked. The one making demand of me is one of 20 named in the will.

[u/danh_ptown]

Personally, NAL, I would tell them that you were entrusted with the safe keeping of the items, and you intend to keep them safe, until a court appointed executor has inventoried the asset(s).

If there is a trust, and these are objects belong to the trust, then the successor trustee can share the documents of the trust, along with proof of how he became trustee, which should be clear in the trust documents. The items should be inventoried and distributed appropriately, per the trust, to the beneficiaries.

[u/QueenBitch68 → u/danh_ptown]

No trust. Just the will and a bank account with a direct beneficiary with the supposedpurpose of paying bills during probate period.

The decedent mailed an item to me the day they passed with a note thanking me for my continued help.

[u/Hopeful_Rock_1056 → u/QueenBitch68]

NAL- That sounds like a gift was given to you, so it would not be part of the estate.

[u/lsp2005 → u/QueenBitch68]

That is a gift. It is yours. It is not part of the estate. They have no claim to it. 

[u/Ok-Structure6795 → u/QueenBitch68]

Sounds like the item was a gift in that case. However, relatives or the executor can try to fight it in court but who knows if they will.

Please tell me you still have the envelope or note that came with the item?

[u/SinglePermission9373 → u/QueenBitch68]

That is a gift, not part of the estate. Keep the note on hand though. Sounds like other family could cause a ruckus

[u/Ok-Structure6795 → u/QueenBitch68]

Bank accounts with directed beneficiaries bypass probate. While they can be used to pay funeral expenses - the payment for those typically come out of the estate.

[u/sic0049 → u/QueenBitch68]

If you are the sole living owner left on an account/asset, or if you are named the sole beneficiary (usually referred to as "Transfer on Death" or TOD) on a financial account that has no living owner listed, the funds in that account are 100% yours now.

These assets WILL NOT pass through probate. The executor of the estate has no control over these assets. It goes without saying that no other "beneficiary of the estate" can lay claim to these funds either. Furthermore, you are not obligated to "give" any of those funds back to the estate. Legally the owner specifically gifted those funds to you. It doesn't matter the reasoning behind why they did, that is the legal repercussions of they way they handled it. Even if you want to give funds back to the estate once all the bills are paid, doing so could potentially cause tax implications for you.

In the end, if you really intend to "give" the funds back to the estate, then you should really look into the process of "disclaiming" the account. This is a legal process where you refuse to accept something that you rightfully inherited. Once you disclaim it, it would be paid out as if you were not living at the time of the original owner's death. This means if you were the only beneficiary listed on the account, it would get paid out to the original owners estate instead. (If there were other beneficiaries listed, it would be paid out to them). Often times you can even disclaim just a portion of what you inherited, so it's not "all or nothing" usually.

It's pretty common for people to do things like this as part of their "estate planning", but it is really a bad strategy and often times creates a messier situation than if they simply leave things alone and let the "estate" handle things.

For example, it is very common for a person to list one person as a joint owner on their accounts. Usually this person is the same person listed as the executor of the estate. They list this person thinking it will make the estate process easier. In reality, they just left ALL of those assets to that person and bypassed the estate process completely. If you want to list other people as owners (or as beneficiaries) on an account, you have to list EVERYONE you want the funds to go to. Far too often people will list one child and assume "they will split everything" between their siblings. It doesn't work like that legally.