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Can a beneficiary use property as collateral if other beneficiaries don't agree?
Wiki User
∙ 10y ago
The executor is the only one that can use it for collateral. It is a big risk, but some will be willing to loan money on probate.
Wiki User
∙ 10y ago
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Can a policyowner change beneficiaries if it is irrevocable?
No. In Canada, the irrevocable beneficiary must agree to any beneficiary change being requested by the owner, should the change being requested, change the entitlement of the irrevocable beneficiaries.
Can an executor buy family home at full price if they are also a beneficiary if 3 out of 4 beneficiaries agree?
Any of the beneficiaries could buy the property at full price. The court has to approve it, but I don't see any reason why they wouldn't approve a valid sale at a market value. The money goes into the estate and is then divided between the debtors and beneficiaries.
Is there a law preventing an executor from selling property if the beneficiaries do not agree with the sale?
There is no such law. The executor has the power, from the court, to settle the estate.
Can an executor sell house against wishes of beneficiaries if liquidation of the house is not necessary to cover estate expenses or taxes?
If the power to sell real estate was granted in the will then the executor has the power to sell it. However, if ALL the beneficiaries agree that the property should be retained they should insist the property not be sold. Remember that the beneficiaries own the real estate. If the executor proceeds to try to sell the property the beneficiaries should petition the court to review the matter ASAP.
Can the beneficiary's tell the executor how much to sell for in NJ?
Not really. The property has to be sold for fair market value. There is some latitude if the assets exceed the debts of the estate. Or the beneficiary's can agree to a lessor price if it is being sold to another beneficiary. Often siblings will let another sibling buy them out of the property for a lower price.
What is Bank of America auto loan loss payee clause?
A loss payee has to be added to an insurance policy when one uses collateral, such as a house or car. The payee is required to provide collateral and agree to carry insurance on the secured property.
Can the executor of estate take ownership of home in MI probate if all heirs agree can you do quit claim deed to executor when deceased grandma only person on deed?
If the beneficiaries are in agreement and there are no debts remaining, yes. The estate can quit claim to the beneficiary.
Must all beneficiaries agree to new executor before he can be appointed?
No, beneficiaries do not have to agree on the appointment of an executor. The court makes the appointment. If the family doesn't want someone appointed, the court will likely assign the duties to an attorney or bank.
Can the Executor of a will change what a beneficiary gets?
Assuming all creditors are paid, the beneficiaries can agree to a different distribution (as long as they are all adults), but they aren't really "changing the will."
If you are your ex-spouses beneficiary on a life insurance policy are the ex's children from a previous entitled to a childs' part?
== == It's all a function of who's listed as the beneficiary. If someone doesn't agree and brings a lawsuit about it - The Insurance Company will probably just ask the court to decide - It would be wise to plan ahead and set up trusts, change beneficiaries, whatever so that the insured's desires are met.
Can an executor choose not to make a disbursement to an heir if they themselves are an heir and take a disbursement from the estate?
They must follow the distribution plan as provided in the will or by the law of the state. They cannot favor one beneficiary over another unless the beneficiaries agree. An executor is entitled to be compensated for their work, but they must have the approval of the court on the distribution.
Do the beneficiaries of an estate have to sign an documents?
It depends on the laws in that state. In some cases for an unsupervised estate, all beneficiaries have to sign that they agree. Other than that, there is seldom anything they need to sign.
