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Can executor hold back monies when will says estate divided by heirs equally?
Wiki User
∙ 9y ago
The executor can hold back some of the money. This is often done to make sure that all tax liabilities have been satisfied. There may also be court costs and other debts to settle.
Wiki User
∙ 9y ago
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Can a executor withhold monies from an estate for 6 years?
They would not be withholding money from the estate. They hold the money on behalf of the estate. They do not have to distribute the remainder until all debts and liabilities are resolved.
Who can withdraw monies from a bank account if someone has been made executor?
Anyone whose name is on the bank account can access it. The executor can access on behalf of the estate. They will have to show their letter of authority.
How does an executor of a will administer the proceeds?
Usually there is a bank account set up by the Executor for the Estate of the deceased. Into this account all other bank accounts and savings can be added by the Executor as well as any death benefits payable, Tax credits or returns, etc., and proceeds of sale of the deceased person's house (if applicable). Once all expenses are paid out from the monies, IE cost of funeral, lawyer fees, Executor fees, loans, lines of credit, etc., the monies can be divided amongst the beneficiaries according to the provisions of the Last Will and Testament. This can be done by way of certified cheque, bank draft, money order, or cheque from the Estate account, etc., however the Executor deems appropriate. The beneficiaries are sometimes asked to sign releases after they've received their bequests and after all the monies are paid out, the duties of the Executor are complete.
Would an executor's fee calculation include monies from a revocable trust that has a trustee other than the estate's personal representative?
Generally no because property placed in a revocable trust is not part of a person's estate.
How can a creditor collect monies owing from a deceased estate when executor ignores claim?
File the claim with the court where the probate has been filed. If the claim is ignored then speak with someone at the court about a motion to compel the executor to pay your claim.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
If a deceased person's car is wrecked and it does not have insurance is the executor of the estate liable if permission was not given to drive it?
The Estate would be responsible for any damages caused by the accident. The Estate would have to sue the driver who took the car to get back any monies paid.
Does a spouse have rights to redeem a Certificate of Deposit issued by a bank in the deceased spouse's name?
No, the spouse does not. However, the executor of the estate, which could be the spouse, does have the right. They will have to show a Letter of Authority from the court and account for the monies as part of the estate.
What happens to monies owed the internal revenue service when a person dies?
The "Estate" (all the properties owned by the deceased) is obligated to pay those taxes, a Lien can be obtained and it can extend to the executor and their property if they are not paid from the proceeds of the estate.
Can an executor force a beneficary to release monies left to them?
The monies are not the property of the beneficiary until the executor has released them. Any assets of the deceased have to be provided to the executor for inventory and valuation. Only once the debts have been settled can things be released.
How can one get an accounting of monies in my father's estate when my brother is power of attorney and executor and one believes he stole from estate?
The power of attorney is extinguished upon the death of the principal. An executor must be appointed by a court. The executor must file an inventory of all the assets owned by the decedent at the time of his death. If you suspect your brother of stealing you should contact an attorney who can review your situation and explain your options.
Does the executor have the right to require the beneficiaries to sing a release before the estate monies are distributed to the beneficiaries?
Yes. If the executor has refused to make distribution then you should complain to the attorney who is handling the estate and to the probate court immediately. They can be compelled by the court to act or they can be replaced.
