Your executor serves a critical role in making sure your estate benefits those individuals you intended to be benefitted. First, they have to be someone you trust. Secondly, it should be a trusted person who has the ability to get the job done or know how to hire and oversee qualified professionals. You do not want your executor to be a spendthrift because if they can not handle their money, they probably will not be able to properly handle yours.
Tobacco heiress Doris Duke, who died in 1993 with a fortune estimated at $1.3 billion, named her butler as executor and as trustee for a huge charitable foundation. After the butler's lifestyle and spending habits were called into question, he was removed from his duties by a probate judge, then reinstated by New York's highest court. A settlement agreement created a board of trustees to manage the foundation.
She may have trusted her butler but apparently his lifestyle was not conducive to being a trusted executor. Leave your comments here or contact us at www.ythlaw.com
She may have trusted her butler but apparently his lifestyle was not conducive to being a trusted executor. Leave your comments here or contact us at www.ythlaw.com
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