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Can the personal representative be reimbursed before paying creditors from an estate?
Wiki User
∙ 13y ago
In most cases the laws allow that. The representative must provide full accounting to the court as to what the costs were. In some a specific fee is set, either based on a percentage, or an hourly rate. Consult an attorney in your area for specifics.
Wiki User
∙ 13y ago
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Why must a court appoint a Personal Representative to Probate a Will?
The court must ascertain that all the requirements set forth in the probate laws have been met. The Will must be deemed valid and the court must confer legal authority upon the personal representative before they can act.
What if you file chapter 7 will you still owe creditors if you have a corporation?
To the extent of your personal guarantee for the corporate debt, or if both you and the corporation borrowed the money, you will not owe anything if the debts are discharged in your personal chapter 7. If the corporation has any assets, it will be subject to lawsuits and attachments by the creditors. You should discuss the situation with an experienced bankruptcy attorney, as it may be better to wind up the corporation before filing a personal bankruptcy.
Should i pay creditors that have filed against my father's estate from his bank accounts because their is no property?
Bank accounts are considered to be personal property and personal property is an asset of the estate. Creditors that file a claim against the estate are entitled to be paid from the assets of the decedent before any assets can be distributed to the heirs. They must be paid from any funds in a bank account owned by the decedent.
What happens to the administrator of an estate with creditors?
The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
Who was the colonial representative in London right before the revolution?
Thomas Pain was the colonial representative in London right before the revolution.
Can debt collectors make a beneficiary pay the decedents debts?
The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.The creditors can file a claim against the estate and the debts of the decedent must be paid by the estate before any assets can be paid over to the beneficiaries of the estate. If there are no assets in the estate the creditors are out of luck. You should consult with an attorney or other advocate before you pay any debts of the decedent.
How do you become a personal representative?
The following answer presumes that the Personal Representative was not established by a will which has been admitted to probate and is already before the court. This is called Administration, and applies where there is no will. The next answer talks about the situation if the executory (personal representative) was established by a will which has been admitted to probate and is already before the court. This is diffierent from when the person died without a will. It is called dying intestate. Which is from Latin, meaning "no will". The name Personal Representaitve is the inclusive name for both in most modern probate codes. 1st, ask the personal representative to resign, get another job, do something else.* Consider the posibility that the personal representative merely works there and has one of the most thankless jobs in the Western World. Only in rare occasions are personal representatives talking, after it's all over, about how wonderful the experience was and how they just recomend it to everybody. Most consider it one of the most stressful and painful social experiences in their lives. In short, most personal representative, unless there are economic interests, emotionally significant associations, and astounding egos at work are only too happy to be out of the situation. There's a side effect: as a rule of thumb, the number of years for the personal repersentative and the opposing party, if siblings, to get over the removal/resignation of the personal representative is equal to 3 times the diffierence in the ages of the personal representative and the opposing sibling. That is to speak with each other again. 2nd, If 1st does not work, then petition the probate court, with grounds, and a good probate lawyer, a war chest of money, and time, and an awareness that you might prevail in disposing the personal representative, but that's just about it for the reltionship; the time-bounds in the second paragraph don't count. Consider it over. Suggestions: be sure you know what you want, there's a very good chance you might not get it; next, then you might, and that sometimes is worse. (Just a personal opinion) *If you choose WHATEVER route, do it with a bit of careful circumspect; really provoking people who are personal repersentatives is almost always ultimately expensive. See the second paragrph preceeding. I assume that the will has already been probated and the named personal representative has been appointed and is acting. To remove the personal representative, you would most likely have to file a lawsuit in the probate court against the personal representative asking the court to remove him/her as the representative. Most if not all states have laws that set the grounds upon which a removal can be ordered. These grounds have to do with mismanagement of the estate or failure to act to a degree where there is some harm to the estate. A court will not remove an executor simply because the beneficiaries do not like him/her or even if there are disagreements on what should be done and how.The executor is the one the decedent chose to handle his estate and courts generally honor that choice, especially where there is no harm being done. Check the laws of the estate's jurisdiction to see the specific grounds for removal of personal representatives.
Are heirs individually responsible for mishandling estate?
The heirs aren't the persons with the authority to "handle" an estate at all. If a person died owning property their estate must be probated, an estate representative must be appointed and the debts of the estate must be paid before any property is distributed to the heirs. Probate laws govern the distribution of a decedent's estate regarding creditors and heirs. If the court appointed estate representative mishandles the estate they are held personally responsible. If heirs convert assets to their own use, with or without the appointment of an estate representative, the "heirs" are held personally responsible and may find themselves in court for taking the decedent's property and not paying the creditors and/or the other heirs.
Why creditors use accounting information?
Creditors want to evaluate before granting credit to company that will company be able to return back credit when maturity time arrives.
Did President Obama personally pay to keep open the Museum of Muslim Culture during the Government shutdown Will he be reimbursed later?
No, it was a joke on a website that Fox news failed to fact check properly before airing it as News. He didn't pay (so won't need reimbursed)
Who is responsible for the deceased's credit card debt when probate procedure is not required?
If the estate is not subject to probate procedure the personal representative should inform creditors of the death of the person and the deceased's financial status by means of a simple affidavit. Unless checking accounts and other assets (insurance benefits, bonds, stocks, etc.) and property are exempted under state laws, they are subject to creditor action. The best option is to consult with a qualified estate attorney before spending, transferring, distributing or taking any action regarding the personal and/or real property of the deceased.
Heirs want to confirm the personal representative didn't take funds before they were appointed. Can they request the decedent's bank records from the personal representative during the probate period?
The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.
