0
What else can I help you with?
Is executor responsible for deceadents debt?
The executor is only responsible for paying the decedent's debt up to the amount of the assets left. An executor sees that the funds available get paid to the right people. The funeral home is one of the first businesses that get paid.
How does an executor of a trust get paid?
They charge the estate and take it out. The rate has to be approved by the court and documentation provided to show the effort expended by the executor. If there isn't a cash account, the bill can be added to those of the creditors and the assets shared as necessary.
Can the executor benefit from the will?
Yes, the executor can also be a beneficiary of the Will. Also, in most jurisdictions the executor can be paid from the estate for their services up to a certain amount that is generally set forth in the probate laws.
Can the executor spend money from the trust to fix up the house that is in trust prior to the sale?
Not on your nellie!
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.
Should a brother charge his sister executor fees if he is named as executor but they are to share the inheritance equally?
It is up to the brother. Most state probate codes allow the executor to charge a fee for their services. Executor duties and responsibilities can take up a lot of time. If there are only two beneficiaries, that will cut down on the executor's tasks somewhat. The brother should keep detailed time sheets for any time spent on estate matters and a deteiled account of any money spent on parking, postage, copying or other costs. The brother can then decide toward the end of his duties whether he wants to charge the estate or not. The executor's fee is a cost of the estate and should be paid before any assets are distributed so that brother and sister each pay equally.
You borrowed money from a friend who died and his executor wants to collect on the debt. Do you have to pay it?
Absolutely yes. Better pay up.
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.
If a deceased paid no business or personal taxes will that come up in probate?
In most cases that will be a responsibility of the estate. The executor is supposed to file taxes for the deceased and the estate.
When a will is set up or changed does the executor have to sign the will?
The executor does not have to sign the will. They don't even have to know there is one or that they are the executor.
What is the Maine executor fee?
There is no set Maine executor fee. It is up to the executor and the court to decide a reasonable amount for a fee.
If you inherit money can the executor pay it as an annuity?
It may be worked out that way in the will. Or if a trust were set up that way, it is often done to protect assets.
