0
What else can I help you with?
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
What happens when the executor spends the estates money and does not pay bills?
They have breached their fiduciary duty. They can be held liable and prosecuted for theft.
Can you request that executor not be paid because of exhibiting favoritism in the managing of the estate?
No. If you think the executor has misused their authority it should be reported to the court that made the appointment. The court will review the matter and issue a decision. An executor can be held personally liable for mismanaging the estate.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
How do you become an executor of an estate and not a will?
An executor is the person who carries out the provisions in a person's will. An estate is the property owned by a person at the time of their death. If a person who died left a will the person appointed by the court to carry out the provisions of the will is the executor of the estate.When a person dies without a will (intestate) the court will appoint an administrator of the estate.
Is the executor personally responsible for delinquent federal taxes of the estate?
They are not personally responsible. However, they could be held liable for violation of fiduciary duties.
Can the executor of a property raise the rent while still in probate?
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
Can you take out executor compensation before calculating what is left of an estate to pay creditors?
That issue is governed by your state laws. You should consult with the attorney who is handling the estate. If the creditors aren't paid according to the statutory provisions in your state you could be held personally liable.
In Ontario Canada estate law under what conditions can the heir of an estate be held personally liable for the debts of the deceased if the will was never probated?
If they took possession of estate assets, they can be held liable. Taking the estate through probate is done to cut off these sorts of claims.
Can my brother as executor give to another person something that has been left to me in the will?
Absolutely not. Remember that an executor has no poweruntil they have been appointed by the court. Then they are obligated to settle the estate according to the provisions in the will and the state probate laws under the supervision of the probate court. An executor who abuses their power should be reported to the court immediately and can be held personally liable for their abuse.
What happens if an estate is inherited but another bill comes in?
Once the estate has been properly distributed, late creditors are out of luck. They would have to prove the probate was improper, e.g., failure to post notice and wait the statutory periods, etc, at which point the executor/administrator can be held personally liable for payment of the bill that the estate properly owed.
