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Yes. This can make sense in order to close out the debts of the deceased and prevent creditors from annoying surviving family members.
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∙ 12y ago
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A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
What happens to the assets due to an executor if the executor of a will dies?
They become part of his estate. The executor of his estate would file the claim against the first estate.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Is the executor responsible for distributing inheritance?
That is the job of the executor. To distribute the estate and liquidate the assets.
Can you cash bonds if sister named executor?
Only the executor has the authority to liquidate assets of the estate.
How do you sell stock of deceased parent?
The executor of the estate is able to sell assets of the estate.
What is the fee an executor of an estate receives in British Columbia Canada?
The Executor can receive up to 5% of the estate assets, followed by 5% of the income the estate produces.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Can an executor be arrested for not paying the debtors?
The executor is responsible for the settling of the debts of the estate. They are to use the assets of the estate to do so. If there are not enough assets, the debtors don't get paid. Unless they have committed fraud, there is nothing to arrest them for.
Can an estate executor deny your rights if you were included in a will?
Only if the assets of the estate are not sufficient to settle all the debts.
Who's responsible for claims made against the estate?
The executor or administrator, but only to the extent of assets in the estate.
Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
