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Can the IRS take my back taxes out of your son estate if im the executor?
Wiki User
∙ 9y ago
They cannot take money out of the estate for your debts. However, they can place a lien on your inheritance from the estate. When the estate is distributed, your share could be taken.
Wiki User
∙ 9y ago
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If a car belonging to an estate not yet settled is given to a non family menber how do you get it back?
If an executor acted in bad faith then you can take the executor to court to force them to repay the value of the car to the estate.
If you are the executor and heir to an estate with no will can you take a loan against the said estate property?
If you are the executor and heir to an estate with no will, you can you take a loan against the said estate property, but not right away. Lenders typically will not give you a loan on a piece of property until it is in your name.
What if the deceased did not own their car and the executor would like to take it over?
The estate can sell the car to the executor. They will have to demonstrate to the court that they paid a fair market value for the vehicle. Essentially, the executor pays the estate for the car and the estate settles the car loan.
What happens to an estate claim known about by the executor but not filed during probate.?
The executor has breached their duty. They have a requirement to take care of the estate and resolve all its assets and debts.
Can an executor take cars out of state?
If the executor is in process of selling the car for the estate, I believe it would be proper for them to do that. The executor does not own it but it is their position to disperse the assets.
How long does it take to probate a will in Georgia?
There is no specific time frame in Georgia. The executor has to insure the estate is inventoried and appraised, the debts collected, taxes paid and the terms of the will meet.
What is executor's fee in Tennessee?
PetitionIn Tennessee, the estate executor files a petition with the court to receive payment for his duties. The petition includes a description of the assets of the estate along with a description of the services rendered. The estate executor requests an amount of compensation and then verifies that a copy of the petition was sent to all interested parties. The amount of compensation is based on the value of the estate and services provided by the estate executor.CourtThe probate court in Tennessee presiding over the estate determines the fee for the estate executor. The court decides on an amount which it deems fair, reasonable and appropriate given all the circumstances involved in settling the estate. These factors include the size of the estate, involvement of estate executor in settling the estate and relationship of estate executor to the decedent. The court will also take into consideration any complex litigation involved in the settlement of the estate. If the testator indicates in his will how much the executor should be paid, the court will take this into account, but must set the fee in accordance with state statute.Reasonable FeesIn determining the reasonable fees presented to estate executors, Tennessee courts take into account the value of the decedent’s gross estate. If the value of the estate is under $50,000 a minimum fee of $500 to the estate executor is considered reasonable. The percentage of the estate executor's fee decreases as the value of the estate increases. For example, for an estate valued at around $1,000,000, the estate executor would receive .5 to 1 percent of the estate's value. For an estate over $1,000,000, the estate executor would receive .25 to .50 percent.Extraordinary ServicesTennessee courts also take into account extraordinary services when determining fees for an estate executor. Extraordinary services can prolong the administration of an estate and consume more of an estate executor's time. Examples of extraordinary services include sales or mortgages of real or personal property and lengthy contested litigation involving claims against the estate. Complex tax returns or audits by any federal or state agencies can take up more of an executor's time. Finally, the managing or selling of the decedent's business can be a consuming process. Tennessee courts value this extra time and compensate estate executors accordingly.
Does anyone know how it is possible for an attorney to cash a estate cheque if he is the 2nd executor on the estate and the brother of the deceased is the first executor?
You take it to the bank and cash it with the letters of authority. If the money is going into the estate accounts, anyone can deposit it.
What happens in Texas when the executor of the will was incarcerated for a felony?
In Texas, if the executor of a will is incarcerated for a felony, they may be disqualified from serving as executor. It will be up to the court to determine if a new executor should be appointed to handle the estate administration.
Can executor appoint a representative?
Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.
How long does it take to receive money from a will after the executor has signed off on the documents?
There is no single time frame that can be state. Each estate is unique and has to be inventoried and appraised, the debts collected, taxes paid and the terms of the will meet.
Can the executor of an estate give permission to his friends to access the estate property and can beneficiaries do the same?
The Excutor is responsible for damange to all property, keeping records of spending for funeral costs, etc., out of the Estate. Technically, the only people that should be allowed on that property is the Executor and the beneficiaries or a real estate agent. Eventually the Will goes into Probate where all creditors will be paid off, all property taxes, personal taxes, etc., and what is left in the Estate will be divided amongst the beneficiaries. It is also customary for the beneficiaries (if not mentioned in the Will) to give 1 1/2% - 3% (can go up to 5%, but a judge would question this) to the Executor of the Will. Being Executor can be a tough job and lots of red tape even if the Estate is on the small side. If the Estate is small then 1 1/2 - 2% is customary, and if it's a large percent then 2 1/2% - 3%. The Executor can have friends on the premises, but is 100% responsible for any damage or missing articles from that Estate. The Executor should let the beneficiaries know, and thus, the beneficiaries should let the Executor know if they have friends on the property. It's a good idea to take a video of each room, any jewelry, art, etc. before anyone goes onto the property besides the Executor or beneficiaries.
