Name: Abdul Wasiu
Class: BA LLB
Batch: 10 TEN
Roll no: M01025
Subject: Islamic jurisprudence 2
RIGHTS AND LIABILITIES OF EXECUTORS:
The executor or administrator of an estate is responsible for gathering the
decedent’s assets, paying any debts incurred by the decedent, and administering
the estate in accordance with the decedent’s will or, in the absence of a will, in
accordance with intestacy laws. A person acting as executor or administrator is
also known as the estate’s “legal personal representative.”
A will, testament, or wasiyat is a “instrument by which a person makes disposition
of his property to take effect after his death,” according to the definition of these
terms.
By “conferring a right of property in a specific thing or in a profit or advantage or
in a gratuity to take effect on the death of the testator,” Tyabji defines a will.
A Will is distinguished by the fact that it is revocable and takes effect after the
testator’s death. Unlike any other disposition (such as a sale or gift), the testator
retains complete control over the property left in his will while he is still alive. The
will’s legatee or beneficiary is not permitted to interfere with the legator’s right to
enjoy the property in any way, including its use for any purpose.
Unlike any other disposition, the testator has complete control over the property
left in his will while he is still alive (such as a sale or gift). The legatee or
beneficiary under the will is not permitted to interfere with the testator’s right to
enjoy the property in any way, including the ability to dispose of or transfer it (in
that case the Will becomes revoked)
The purpose of wills, according to the Prophet’s tradition, is to provide for the
upkeep of family members and other relatives in cases where the law of
inheritance cannot adequately provide for them.
Furthermore, the prophet has stated that authority should not be used against
legitimate heirs.
A bequest in favour of one heir would harm the other heirs because it would
reduce their shares, causing a schism in the bonds of kindred.
RIGHTS OF EXECUTORS:
Thus, Muslim law allows a man to give away all of his property in an inter vivos
gift but forbids him, with the exception of one-third of his estate, from interfering
by will with the manner in which property passes down according to inheritance
laws. A will allows the testator to partially amend the law of succession, give
some of his property to relatives who are not eligible for inheritance, and
recognise the services of a stranger who assisted him.
The majority of an executor’s or administrator’s responsibilities are gratuitous,
which means they must be carried out without being compensated by the estate.
Because they are also beneficiaries of the estate, an executor or administrator will
frequently already be receiving benefits. However, in situations where the work
completed during administration warrants a benefit or a different benefit, an
executor or administrator may request compensation for their “pain and trouble.”
The procedures that an executor or administrator must follow in order to request
a commission from an estate are specified by state law. As part of the estate
administration process, each state requires the executor or administrator to
submit and authenticate the estate accounts. The procedures that an executor or
administrator must follow in order to request a commission from an estate are
specified by state law. Every state requires the executor or administrator, as part
of their request for a commission from the estate, to submit and verify the estate
accounts. After considering the following factors, a registrar of the relevant
Supreme Court will decide whether to commission the applicant: the value of any
assets transferred to beneficiaries, the amount of capital realised, the income
received, the amount of income collected, and, if a business was operated, the
gross receipts, net profit, and loss for the period of the accounts. The commission
amount will be calculated as a percentage of the aforementioned sums. The
registrar will consider the executor’s or administrator’s actual work, as opposed
to work directed by agents such as lawyers or accountants, when evaluating the
application.
LIABILITIES OF EXECUTORS:
Before distributing inheritances to heirs, you, as executor, must settle any
outstanding taxes. If you pay heirs first and do not have enough money in the
estate’s checking account to cover the taxes, you are personally liable for them.
Many estates are no longer concerned about federal income taxes due to the high
exemption amount, but many states still impose death taxes on smaller estates.
The value of the estate for death tax purposes exceeds the probate estate, which
includes all assets in which the decedent had an interest and do not automatically
pass to named beneficiaries (e.g., IRAs, annuities, life insurance owned by the
decedent)
Inform eager heirs that you are not permitted to distribute the estate’s assets
until you have settled with creditors, the IRS, and other parties who have claims
against it. (It is illegal for creditors to pursue the cash value of a life insurance
policy with a specific beneficiary.)
Make certain you understand the amount of money required to cover what is
owed.
