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Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Wiki User
∙ 14y ago
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
Wiki User
∙ 14y ago
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Can an executor borrow money from the estate?
Not without breaching their fiduciary duties. It would be irresponsible of the executor to do so. It could land them in trouble.
Can executor borrow money from the estate if they are the sole beneficiary?
Yes. I don't think 'borrow' is the right word, however, as the sole beneficiary will be entitled to the entire estate. An 'advance' would more likely be the correct term.
Is an executor entitled to a commission on the estate if the home is left to him and the money is to be distributed among 3 siblings?
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
Can you borrow money against your inheritance if the property sold is the only asset before the estate is finalised?
Hell no
Can an executor borrow money from the estate checking account with intentions to pay it back within a couple of weeks?
Not without breaching their fiduciary duties. It would be irresponsible of the executor to do so. It could land them in trouble.
Can a lien be put on a property where executor borrowed your money after person died to pay estate bills for another property?
You need to consult with an attorney ASAP and bring with you any loan agreement signed by the executor.
Can executor of an estate legally rent real estate out named in a will when one heir will not give permission?
There is no reason that the executor cannot lease estate property. As long as they get a fair market price for the lease. They would then be able to use the money to pay debts and taxes as well as maintain 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 pay for vouluntary services such as hospice out of estate money?
The executor is obligated to pay all of the debts of the decedent. The creditors get paid before any funds or property are distributed to the heirs.
Can a piece of land be sold by the executor if it is to go to the heirs and does not include the executor?
The executor is responsible to the estate and must find money to pay all debts before distribution. They may sell property if necessary and approved by the court.
Is an executor bound to allow beneficiaries to use the home when they choose for vacations etc?
They are not bound to allow anyone to use the property. They have to preserve the value of the estate. They are also allowed to rent the property to make money for the estate.
Is the executor of an estate paid on full value of house or what is owed?
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
