I have a family member who passed away and has left in the will that all liquid assets remain apart of the estate and has asked that they be used to establish a foundation for children in another country to pay for education. It’s a noble idea, but also it sounds like it’s going to be a big undertaking. If the names executor has too much on their plate to do it and no other family members what the responsibility what happens?
ATTORNEY ANSWER BY MARGARET L. CROSS:
No one named as executor is required to take on the responsibility. If no one in the family wants to do so, then you can ask the court to appoint a public administrator. Please keep in mind the executor is doing a job and will be paid for his or her time whether it is a family member or the public administrator. Should the estate not have enough money to keep a foundation going, the executor could petition the court to make a straight charitable contribution. Your family member would need to have allocated a lot of money to the private foundation sustainable. If it doesn’t have a few hundred thousand dollars, the legal and accounting fees are going to eat it up after a few years.
Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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The estate administration attorneys at the Beliveau Law Group provides legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.