0
There is no general law that prevents a person from granting a life estate to an executor.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Can the executor sell sisters life estate with no insurance on house or needs repairs?
An executor cannot sell the life estate. If the sister was given a life estate she has the right to the use and possession of the property for life. The property cannot be sold without her written consent.
Can your father force you to move from your residence he has a life estate in?
YES
Does the owner of a life estate to a residence also have life estate to property the dwelling is on?
Unless the life estate was restricted to the dwelling only the life tenant has the right to the use of the real property for the duration of their natural life. A life estate is an interest in the real property upon which the dwelling sits. The property affected by the life estate is the premises described in the deed to the property.
Does the estate pay tax on life insurance?
In most cases no! But in the estate it will be subject to probate charges and other fees such as executor.
Can an executor transfer the decedent's property into their own name under a executor deed?
You haven't included enough detail. Self dealing by a fiduciary is against the law.The executor must be appointed by the court and then must follow the provisions in the will and state probate laws. The provisions in the will should include what to do with the real estate. In order for an executor to transfer title to real estate they must have that authority granted in the will. If the authority was not granted by the testator the executor must apply for a license to sell the real estate and before it grants the license to sell the court will examine the proposed transfer.
If the beneficiary of a life insurance died before the policy holder and there was no contingent beneficiary does the life insurance go the next of kin or to the estate?
The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.
Should the executor of an estate have a copy of the will prior to the persons death that he is executor to.?
No, it is not necessary or wise to distribute any copies of a will during the life of the testator. However, the executor should be informed of where the will can be found when the testator has died and the will must be probated.
Can the beneficiary on a life insurance policy be changed by the executor?
No, the beneficiary of a life insurance cannot be changed by the executor unless he's the owner of the policy. The proceeds of a life insurance policy, unless the benefciary of the policy is the estate, are not subject to any conditions of the will. It is outside of probate.
What happens when mom dies and has no estate except life insurance and outstanding credit card debt does executor have to pay the outstanding debt?
Yes, the executor has to pay the debt. Debts are one of the primary reasons someone should open an estate. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How do you know if someone had a life insurance policy?
If you are not the administrator, executor, or an heir to the will your will not know and frankly it is not anyone elses business about the life insurance or financial matters of the estate.
What if the executor doesn't pay the beneficiaries of a life insurance policy?
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
Is it the legal responsibility of an executor to pay all debts of an estate from money in accounts and life insurance prior to settling will?
Yes, that is the executor's responsibility. He has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
