0
Can one of two executors purchase the home and land from the beneficiaries with his inheritance before the estate is settled?
Yes, the administrator of an estate may purchase a home from the estate; however, that type of transaction is inherently a conflict of interest and would have to be approved by all beneficiaries having an interest in the property or by the probate court. Obviously a person buying a house wants to pay as little as possible to buy a house; but, the administrator has a fiduciary duty to receive as much as possible when selling the house. Usually, the administrator gets the consent of all beneficiaries to the transaction. They agree in advance that the sale price is satisfactory and that they have no objection to the administrator buying the house at that price. Sometimes administrators are required to apply to the probate court for the authority to sell the house and for permission to buy it. The administrator would have to prove to the court that the transaction is fair and above board. The beneficiaries would have an opportunity to raise objections if they object to the purchase price. If the administrator has no ownership interest in the property, he cannot force the beneficiaries to sell the house to him/her.
What else can I help you with?
Can executors fee be put on settlement statement without prior approval of all beneficiaries?
It depends on the specific laws and regulations of the region where the estate is being settled. In some cases, executor fees can be included in the settlement statement without prior approval of beneficiaries if the terms were agreed upon in the will or approved by the court. It is generally advisable for the executor to communicate and obtain consent from beneficiaries to avoid potential disputes.
How is an inheritance released from probate?
An inheritance is released from probate once the probate court has validated the deceased person's will and ensured that all debts and taxes have been settled. The executor of the estate then distributes the remaining assets to the beneficiaries according to the terms of the will or, in the absence of a will, according to state intestacy laws. This process can take several months to years, depending on the complexity of the estate and any potential disputes. Once completed, beneficiaries receive their inheritance without further court involvement.
What is the possessive of beneficiary?
The possessive form for the noun beneficiary is beneficiary's.
What do the beneficiaries of a will inherit from someone who has died?
Beneficiaries of a will inherit the specific assets and property designated by the deceased in the will. This can include real estate, financial accounts, personal belongings, and other valuables. The distribution is carried out according to the terms outlined in the will, following any necessary legal processes such as probate. If there are debts or taxes owed by the deceased, those may need to be settled before beneficiaries receive their inheritance.
Can executor sell house against beneficiaries will?
As long as the court agrees, yes they can. The beneficiaries cannot prevent the estate from being settled.
When do you have to claim heritance money?
Inheritance money typically needs to be claimed after the estate has gone through probate, a legal process that validates the deceased's will and ensures debts and taxes are settled. The time frame for claiming an inheritance can vary by jurisdiction, but beneficiaries generally should act within a few months to a year following the probate process. It's important to check local laws and consult with an attorney for specific timelines and requirements. Additionally, beneficiaries may need to provide necessary documentation to claim their inheritance.
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.
Who pays for tax liens on a Estate inheritance?
There wouldn't normally be liens on the inheritance...but on the assets in the estate, which can't be distributed and become an inheritance until they are settled by the estate.
Who is first in inheritance step daughter or a niece?
This case can specifically be settled by the family
How was Montana settled and when?
Montana was settled in 1803 because of the Louisiana Purchase
Can 1 executor refuse to release cash until other executor agrees to what he wants to do with property?
When there are co-executors of an estate one has no superior rights over the other. If they cannot agree then the conflict needs to be presented to the court for a solution. The beneficiaries have the right to expect that the estate be settled with expediency. An executor who is holding up the process can be removed by a petition filed by the heirs or the other executor.
Can bank seize annuity left to children?
Yes, banks can potentially seize an annuity left to children if the deceased had outstanding debts or obligations that need to be settled. However, this typically depends on state laws regarding inheritance and creditors' rights. In many cases, annuities may have designated beneficiaries, which can protect them from being seized to pay off debts. It's advisable for beneficiaries to consult with a legal expert to understand their rights in such situations.
