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Yes. Nothing prohibits a testator from choosing a person as his or her executor simply because there is a debt between them. In the matter of who is to be the executor, courts go to great lengths to honor the wishes of the deceased. The beneficiaries will be able to challenge in court the manner in which the executor handled repayment. An executor might be held to a higher standard of proof if he or she disputes the claim in full or in part than any other creditor might be held to. In other words, although it appears that there is a conflict of interest in the executor handling his/her own claim, there are remedies available to beneficiaries to ensure proper handling of that claim that do not thwart the decedent's personal choice of the person to be the executor.
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∙ 15y ago
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Can an executor sue a ex spouse who owes money to estate after 10 yrs?
It will depend on the documentation and when the debt was incurred. The executor can bring suit on behalf of the estate.
Should a solicitor notify beneficiaries if an executor owes money to the estate?
Generally, an executor is in a fiduciary position and thus prohibited from using the assets of an estate for personal use. It should be reported to the court immediately.
If someone owes taxes a dies what happen next?
This is a very interesting question. If someone dies and owes money to the IRS, the Executor (the person who takes responsibility for the deceased person's estate) is then responsible for settling the person's debts (using the deceased person's estate, not their own money or assets). The Executor is responsible for collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims. The money in the estate must be used to pay off the person's debt. If, however, the deceased person does not have any money in the esate to be able to pay off the tax liability, the debt DOES NOT transfer to the Executor UNLESS there was a joint liability with the deceased (if the Executor is the widow or widower of the deceased, and the two had filed joint returns, the liability will be assessed to the Executor). Otherwise, the Executor will need to contact the IRS, provide a death certificate and evidence that the estate is unable to pay off the liability. The debt should then be canceled once and for all. For information on claiming a refund for a deceased person, you'll need to file a Form 1310. You can visit the following link to the IRS website for more information: http://www.irs.gov/taxtopics/tc356.html If you'd like to contact me with more tax questions, visit my website: http://www.taxreliefsolutions.com Thanks! Brent
What is the name of a person who owes money?
A person who owes is a 'debtor' A person who is owed to is a 'creditor'
Person who owes money?
A person who owes money is a debtor. To owe money means that you must pay someone else.
How long does the executor of a revocable trust have to settle an estate in Tennessee?
You have your terms confused. An executor is the representative of a person's estate who carries out the provisions of the will. A trustee is the administrator of a trust. They are both called fiduciaries. Every fiduciary owes a duty to carry out their responsibilities in an efficient and expeditious manner. If they fail to do so then you can file a complaint in the proper court and have them replaced.
Is a fiduciary account and an estate account the same?
A fiduciary is one who owes a duty of good faith, trust, confidence and a high standard of care in managing the property and money of another. An executor or administrator of an estate is a fiduciary. Therefore an estate account is also called a fiduciary account. The short answer to your question is yes.
If both parents are dead and the daughter is the executor of the estate is there a time period before everything can be settle?
There are minimum periods of time that must elapse. The executor has to advertise for debtors that the estate owes money to. Things have to be inventoried and a complete accounting presented to the court. Typically the shortest period of time is going to be a little over 3 months. Consult a probate attorney in your state.
How can you find out how much your deceased mother owes Medicaid or MA?
Unless you are the Executor of your mother's estate, why would you want to know this? Unless the deceased died with assets remaining in their estate, the debt is forgiven.
What is a debtor?
A person who owes something to others is called as debtor or a person who owes money or money's worth to others. By- Nalini & Raje
Person or country that owes money?
Debtor.
What if your father has died and owes water rates can they pursue you for the money?
They can go after the estate. Which means if an estate wasn't opened and debts resolved, they are coming after you.
