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Can an executer use estate money to repair real estate property in order to sell?
Wiki User
∙ 14y ago
Generally, yes. As long as the repairs are reasonable and necessary. There are times when repairs must be made in order to be able to sell the real estate or to close the deal when an offer has been made. In that case the repairs are definitely a reasonable expense. In fact, that type of decision is the responsibility of the executor. The executor should always consult with the attorney who is handling the estate when money matters are at issue. Mishandling of estate assets can result in personal liability.
Wiki User
∙ 14y ago
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Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
Is money personal tangible property?
Money is considered personal property and personal property is part of a person's estate.
How do you repair property damage on Mafia Wars?
if your property is damaged, an icon will appear on the page that says repair cost. if you have enough money and click repair, the life of the property will be back to full.
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
If property with a life estate is sold who gets the money?
The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.
What are difference between an estate agent and an auctioneer?
An estate agent is an agent who is in control or charge or the estate. The auctioneer is the one who is going to get the most money they can from the estate and property.
Can you add to your estate money given to you in a trust?
Generally: Money given to you "In Trust" is not your personal property. It is not part of your individual estate. You would hold that money as a trustee for the benefit of others.
Is inherited money subject to income tax?
Generally, money or property you receive as a an inheritance is not considered to be taxable income to you. The estate may have to pay an estate tax on the value of the assets in the estate, but you do not pay income tax on the property. However, if the property you inherit earns income between the date of the person died and the time the money or property is distributed to you, the estate will need to report the income. If those earnings are distributed to you as a beneficiary of the estate, the estate may pass the responsibility for paying the income tax on those earnings to you as well. The estate will file an estate tax return (Form 1065) and will issue a K-1 to you representing your distributive share of the estate's income. You will report that income on Schedule E of your Form 1040. If you receive property, rather than money, you may also have a taxable gain when you sell the property. The gain is measured by the difference in the sales proceeds you receive and your tax basis in the property.
What if the heirs do not have money to pay probate and the estate is only real estate?
In order to transfer the real estate, they will have to have an estate and someone with authority to sell the property. The executor could take a loan out against the property to resolve the debts or to cover costs until sale.
Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
Are heirs responsible for deceased fathers debt In Idaho?
Debts of the DeceasedI am not an attorney/lawyer, so this answer will of necessity be a lay answer until it can be improved by a more qualified source.Usually, in most states the debts of a deceased do not just "go away or disappear." The "estate" is legally responsible for his debts. Of course, IF a deceased had no money or property [real or personal], then there IS NO estate, and there really are no heirs, and they do not have to pay the debts of the deceased.On the other hand, IF there is money or property [real and/or personal], then there is an estate, and the estate is legally responsible to pay just [legitimate] debts of the deceased. If there is no cash money in the estate, then the property of the estate must be used to pay the legal debts.Those debts are legally the responsibility of the estate. That means that if the deceased had any money or property, the debts must be paid before any distribution of those assets to the heirs. If there is enough money in the estate, then it is used to pay off the legal debts of the deceased.IF there is no money, or not enough, AND the heirs do not want to sell the property [real and/or personal] of the estate to pay the legal debts, and since the debt must legally paid, that means the heirs must pay the estate debts.
If there is no money in the estate of deceased family member who is responsible for the credit card debt of the deceased?
If there is no cash in the estate, other personal property OR real property, the estate is said to be insolvent and the creditors are out of luck. However, the sole debts of the decedent must be paid from any property, real or personal, before that property can be distributed to the heirs.
