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Can the executor of a will receive the sale oroceeds from a residuary estate before the distribution of the estate's assets?
Wiki User
∙ 11y ago
Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
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How does an executor of an estate gift a car to a relative?
First the executor must be appointed by the court. (The authority to pass title to property is obtained through the court. For small estates most courts have an expedited procedure.) Then the executor must distribution the assets of the estate according to the provisions in the will after the debts of the decedent have been paid. If the car is not specifically mentioned then it will pass according to the residuary clause in the will. If there is no residuary clause then the car will pass as intestate property to the heirs at law. The executor must make certain to distribute intestate property with fairness to all of the beneficiaries. If the other beneficiaries have agreed to the transfer of the title to the car, the executor can sign over the title as the duly appointed executor according to the instructions promulgated by the state department of motor vehicles. An executor is responsible for following state laws in the settling of an estate and can be held personally responsible for mishandling the assets. You should consult with an attorney who specializes in probate for guidance.
Is the executor responsible for loan debt on property of child if over 21?
The executor is not personally responsible for the debt. That is the estates responsibility. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What is the valid period to execute a will after an estate is opened?
There is no maximum time, there are estates that were opened over a century ago that are still being probated. An executor is required to file periodic reports to the probate court of the assets and their distribution.
Distribution of large estates to peasants?
Land Reform
Can your surviving wife be an heir and an executor on your will?
This is very common in estates. It makes sense as they are the ones that will benefit.
How long does an executor have to settle an estate in Maryland?
There is no upper limit. Some estates can take decades to resolve.
What are the creditors' rights on estates without wills?
They have the same rights as they have with an estate that has a will. The creditors file their claims with the executor.
Is a executor of a will responsible for all the bills of a estate?
The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.
How much should an executor get paid?
Executors don't normally work on commission. An executor is entitled to a reasonable fee for services rendered. The probate court may even have a published fee schedule based on hourly rates. The executor must submit a detailed accounting of the estates assets and the distribution, including their fees,to the court for approval.
What circumstances can be used to force out an executrix?
The removal of the executor is done to protect the estate. The court has the duty to see that estates are administered in such a way as to administer the distribution of the estate fairly, quickly and with no waste to the estate caused by unnecessary delays or unnecessary expenses. When the executor becomes antagonistic toward the interests of the heirs, causes unnecessary delays, or fails to carry out the responsibilities necessary to promptly and efficiently complete the proceeding then a motion should be made to remove and replace the executor.
What happens when the executor spends the estates money and does not pay bills?
They have breached their fiduciary duty. They can be held liable and prosecuted for theft.
What happens if the executor demands from the co- executor a division of land for himself without caring about the consent of the other beneficiaries?
People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.People do not have the authority to "make demands" from an estate. Estates are settled according to the provisions in the Will or according to the laws of intestacy if there is no Will. If there is a dispute the judge will decide. The executor who is making the demand must make his demand through the court.
