How does an executor pay beneficiaries?
How does an executor pay beneficiaries?
An executor is the person responsible for handling legal and financial matters after someone passes away. This includes paying beneficiaries (people or organizations who were promised money by the deceased) their share of the estate, which is called a "distribution." The executor can use any way they want to get money to beneficiaries, but as long as they're acting in good faith and using reasonable judgment, they won't be held liable for anything that happens with the distribution.
The most common way an executor will pay out beneficiaries is by setting up an account at a bank or other financial institution to hold the funds from the estate until it's time to make the distribution. If there are multiple accounts for the same beneficiary, like if there are several people named in a will who are supposed to receive equal shares of the estate, then the executor might set up multiple accounts instead of depositing everything into one.
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