Can an executor spend money from the estate to alter a house before he releases it to the beneficiaries?
Generally the executor is allowed by law to charge a fee for their services. The amount is set by law and must be paid from the estate before any property is distributed to the beneficiaries. Generally the executor is allowed by law to charge a fee for their services. The amount is set by law and must be paid from the estate before any property is distributed to the beneficiaries. Generally the executor is allowed…
Can the executor of an estate give permission to his friends to access the estate property and can beneficiaries do the same?
The Excutor is responsible for damange to all property, keeping records of spending for funeral costs, etc., out of the Estate. Technically, the only people that should be allowed on that property is the Executor and the beneficiaries or a real estate agent. Eventually the Will goes into Probate where all creditors will be paid off, all property taxes, personal taxes, etc., and what is left in the Estate will be divided amongst the beneficiaries…
In certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries. In certain cases- yes. The executor is entitled to a…
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court. Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court. Yes. As long…
If an executor of a Will inform beneficiaries of the contents b4 the testator is deceased and this leads to pressure on the executor or on the other beneficiaries to do deals what does this mean?
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.
Does the executor have the right to require the beneficiaries to sing a release before the estate monies are distributed to the beneficiaries?
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…
Can an executor spend inheritance money with out consulting the beneficiaries when those beneficiaries do not know the valuje of there inheritance?
Can executor who has grant of probate distribute the estate between other executors and beneficiaries?
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate. They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court…
Does a lawyer have a fiduciary duty to only the executor of estate or all the beneficiaries of said estate?
The attorney has a fiduciary-client relationship with the executor. Note that if a beneficiary believes they have a valid cause of action against the executor for mishandling the estate the beneficiary must retain their own legal representation. The attorney who is handling the estate will represent the executor.
The Executor is required to administer the estate according to the terms of the will. He is required to contact the beneficiaries and supply them with a copy of the will. Further, the executor is required to handle all claims against the estate, secure all property, and pays any debts the estate may have, including taxes.
Can the executor of the estate chose what gets sold and what doesn't without asking beneficiaries if they want it?
Depending on your state, there may or may not be a time limit for administering the estate. Generally speaking, the executor can take as long as they need to handle the estate. However, if the beneficiaries feel that the executor is taking an excessive amount of time, they can apply to the court for resolution of the matter.
No. By law the executor must send notification of the probate procedure. An executor, including any executor named in the will, has no authority until they have been appointed by the probate court. As part of that request to be appointed they are required by law to send notice of their request to the heirs at law and beneficiaries under the will.
Does the executor of an estate have to pay the debts of a beneficery with the inheritance of that beneficery or can he just distribute the inherintace an let the beneficery be responsible for paying?
The executor distributes the money to the beneficiaries after the estate's debts have been settled to the satisfaction of the court. Each beneficiary is responsible for what they do with the money. There is no requirement, and it would be detrimental, for the executor to play bookkeeper and accountant and pay of the debts of the beneficiaries of the estate.
In new york state how could you become executor of your grandmother's estate in the event of the death of the first executor?
You contest the executor named in the petition by filing an objection on the basis of anticipated failure of the executor's ability to perform fiduciary duty. You would have to file the appropriate objection with the court where the petition for probate of the will was filed. It is rare that a court will refuse to appoint the named executor just on suspicion of future improper behavior or animosity between the executor and the beneficiaries…
You have an executor who has been advised of a parcel of shares by the beneficiaries and has changed them into their name but will not distribute the proceeds nor talk to the beneficiaries what can we?
You can report the behavior of the executor to the court and request they be replaced. The executor should be available to the beneficiaries and should provide answers to any questions about the execution of the estate. If they will not distribute the proceeds they should provide an explanation. Perhaps it is too soon. If so, they should explain the timetable for distribution. You should call the attorney who is handling the estate for an…