0
The Executor can withhold money from heirs for a "reasonable" time in order to pay all debts and expenses of the Estate and to make sure that the claim period has elapsed and all tax returns have been filed. Once the claim period has passed and all debts, taxes and expenses have been paid, the Executor can satisfy all specific bequests and then distribute the residue to the proper beneficiaries. Any outstanding claims or tax liabilities could delay this payment (i.e. challenge of a claim or an audit of a tax return). This is a very general overview and is not meant to be legal advice, as you need to consult your attorney about your specific facts and situation.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoThey are allowed to use money in the estate to pay the debts and to run the estate. This also includes the executors' fee for managing the estate. They have to make a full accounting of all monies to the probate court.
Wiki User
∙ 9y agoThat would be a breach of fiduciary duty. They money of the estate belongs to the estate and can only be used for estate purposes until properly distributed.
Wiki User
∙ 10y agoNot for their personal use. However, they are entitled for compensation for their work.
Add your answer:
Earn +20 pts
How long After house is sold does it take for beneficiary to get money from sale of home?
if you have our executors you will never get your money
Can your brother take things from your fathers estate without letting you and your sister know as they are the executors?
NO ( not unless the items actually belonged to your brother )
Can your sister legally take your moms money out when you both were on it?
Can my sister legally take my moms checking and savings out when we were both executors
Is it legal to take executor fees in Wisconsin?
Yes, it is generally legal for executors to take fees in Wisconsin. The law allows executors to be compensated for their time and services in administering an estate. However, the amount of fees must be reasonable and must be approved by the court if there is a dispute.
What do you need to take with you to open an executors account?
The single most important thing is the letter of authority from the court. And the tax ID of the estate will also be necessary.
How do you take your and your husbands name off a will as executors?
My husband and I are executors of a will and want to cancel this.
Can the IRS take my back taxes out of your son estate if im the executor?
They cannot take money out of the estate for your debts. However, they can place a lien on your inheritance from the estate. When the estate is distributed, your share could be taken.
If one joint power of attorney refuses to participate in the handling of the estate what can the other do to take care of the estate matters that are at a standstill?
Estates do not use power of attourney, they are managed by the executor(s) named in the will. It is the executors LEGAL DUTY to do what the will instructs - if an executor does not want to do this then a court will need to decide what to do.
Can administrators wife take money from estate?
The administror's wife has not authority to do anything with the estate. If they do, they can be held accountable for theft or misappropriation.
Are you allowed to take India's money over the border?
no
When is the executor entitled to take their executor fee in NJ?
An executor may take, on an annual basis, corpus commissions of one-fifth of 1% of the value of the estate. An executor may apply to the probate court for an allowance of more than that if the circumstances warrant it. Otherwise, the executor waits till the conclusion of administration of the estate. In practice, though, if the beneficiaries do not object, an executor sometimes takes more than that each year. The accumulated amount of the annual commissions taken, even with court approval, may not exceed the total amount the executor is allowed. Executors are also entitled to commissions on the income the estate produces. Unlike corpus commissions, income commissions may be taken in the full amount allowed as the income is earned.
How much money are you allowed to have on you?
You can have as much money as you want, but it will take you a long time to get a lot of it
