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Can executor borrow money from the estate if they are the sole beneficiary?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Can executor and beneficiary be the same?
Yes, that is often the case when a spouse dies. It saves the estate money.
If you are the executor of an estate and owe money to a lien holder can they go ofter money in the estate?
No. A personal creditor of yours has no right to attach the estate for which you are the executor. However, if you are also a beneficiary of that estate the creditor can go after your portion of the distribution.
An executor is sending my husband a letter Is he a beneficiary?
If an executor is sending your husband a letter, it is likely that he is a beneficiary or that he is required at the signing of some type of paperwork. He might also owe money to an estate.
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.
Do you as beneficiary have the right to ask for bank statements and ask the appointed executor to be accountable for all money coming out of the estate prior to probate?
That is the duty of the executor, to be accountable for all distributions from the estate. They have to answer to the court.
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.
Can your family member who is executor and beneficiary of estate refuse to pay deceased debts?
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed.
Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts of the deceased, ensuring protection of the value of the assets of the estate, and distributing the assets as directed in the Will.
Can the executor of an estate make a loan to one of the beneficiary in Virginia?
They could provide an early distribution to a beneficiary. They have to make sure there is enough money to pay off the debts first.
Can an executor spend money from the estate to alter a house before he releases it to the beneficiaries?
An executor is charged with acting in the best interests of the deceased and adhere to the stipulations of the will. An executor may acquire money from the estate if: 1. there are specific stipulations in the will that the executor is entitled to funds as compensation for their efforts. 2. The executor is a named beneficiary of the will, a situation that often happens with couples.
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.
How does the attorney or executor split the money of the deceased that did not leave a beneficiary name?
They will do it according to the law. Each state or jurisdiction has a law that specifies how it is distributed.
