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can the executor be liable for estate tax
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.
No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.
Its possible to do it and its not......
If all property was jointly owned then ownership automatically passed to the surviving spouse. There is no need to open an estate proceeding.
Yes, they can be held liable for theft. It is a breach of fiduciary duty and is a crime.
can the executor be liable for estate tax
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.
The administror's wife has not authority to do anything with the estate. If they do, they can be held accountable for theft or misappropriation.
They have breached their fiduciary duty. They can be held liable and prosecuted for theft.
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.
The estate pays for the funeral. It is typically one of the first clauses in the will. If someone signed for the funeral costs, they can be held liable if the estate fails to cover the costs.
The estate of the decedent is responsible for paying the judgment in any lawsuit against the decedent. When notice of the lawsuit has been filed in the estate the Administrator would be responsible for maintaining the assets until the lawsuit has been resolved. No distribution can be made to beneficiaries until the debts of the estate are paid. The Administrator can be held liable if they distribute assets before debts are paid.
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.
They are not personally responsible. However, they could be held liable for violation of fiduciary duties.
You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.
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.