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Can the personal representative live the estate without paying rent?
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Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
Is estate tax payable by the recipient?
The obligor is the decedent's estate. If assets are distributed without paying the estate tax, the personal representative is on the hook. In addition, recipients can be required to pay up to the value of assets received.
Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
Can a personal representative on an estate file bankruptcy on behalf of the estate or on behalf of the deceased to avoid paying back taxes?
Estates do not go bankrupt. The assets are inventoried and valued and the debts are listed. The executor proposes a settlement to the court. If it is accepted, the estate is closed.
How do you get real estate without paying money?
You could inherit it.
Can the personal representative be reimbursed before paying creditors from an estate?
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.
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.
What is the Estate executor fee in Georgia?
Executor's fees (the fees which the personal representative may receive from the 'estate') are controlled by contract, agreement and expressed in the will or separate documents. Or the Georgia statutes spell out the pay schedule. (a) Personal representatives shall be compensated as specified in either the will or any written agreement entered into prior to the decedent's death or a written agreement signed by all the beneficiaries of a testate estate or all the heirs of an intestate estate. A written agreement between a testator and a personal representative shall be valid and binding upon the estate of the testator as fully and completely as if set forth in and made a part of the will. (b) If the personal representative's compensation is not specified in the will or any separate written agreement, the personal representative for services rendered shall be entitled to compensation equal to: (1) Two and one-half percent commission on all sums of money received by the personal representative on account of the estate, except on money loaned by and repaid to the personal representative, and 2 1/2 percent commission on all sums paid out by the personal representative, either for debts, legacies, or distributive shares; (2) Ten percent commission on the amount of interest made if, during the course of administration, the personal representative shall receive interest on money loaned by the personal representative in that capacity and shall include the same on the return to the probate court so as to become chargeable therewith as a part of the corpus of the estate; (3) Reasonable compensation, as determined in the discretion of the probate court and after such notice, if any, as the court shall direct, for the delivery over of property in kind, not exceeding 3 percent of the appraised value and, in cases where there has been no appraisal, not over 3 percent of the fair value as found by the judge, irrespective of whether delivery over in kind is made pursuant to proceedings for that purpose in the probate court and irrespective of whether the property, except money, is tangible or intangible, personal or real; and (4) In the discretion of the probate court, compensation for working land for the benefit of the parties in interest in no case exceeding 10 percent of the annual income of the property so managed. (c) Whenever any portion of the dividends, interest, or rents payable to a personal representative is required by law of the United States or other governmental unit to be withheld by the person paying the same for income tax purposes, the amount so withheld shall be deemed to have been collected by the personal representative. (d) Unless the will or written agreement specifies otherwise, where some or all of the estate passes through the hands of several personal representatives by reason of the death, removal, or resignation of the first qualified personal representative, or otherwise, the estate shall not be subject to diminution by charges of commission of each successive personal representative holding and receiving in the same right but rather commissions for receiving the estate shall be paid to the first personal representative who receives the property for the benefit of the estate or that person's representative, and commissions for paying out shall be paid to the personal representative who actually distributes the fund, and no commissions shall be paid for handing over the fund to a successor personal representative. If there is more than one personal representative serving simultaneously, the division of the compensation allowed them shall be according to the services rendered by each. (e) Unless the will or written agreement specifies otherwise, a personal representative is entitled to receive commissions on debts, legacies, and distributive shares paid to that personal representative in the same manner as commissions to which the personal representative would be entitled under the terms of the will or written agreement or applicable law on such items paid to others; provided, however, a personal representative shall not be entitled to any commissions for any sums paid to any personal representative of the estate as commissions or other compensation. (f) Personal representatives who fail to make annual returns as required by law shall forfeit all commissions for transactions during the year within which no return is made unless the probate court, upon cause shown, shall by special order entered on the minutes relieve them from the forfeiture. (g) A personal representative may renounce the right to all or any part of the compensation to which the personal representative is entitled under this Code section. Additional information: Usually 3- 5 % of the estate, although the amount is subject to considerable variation.
Is it necessary to file a Notice of Administration in an Estate where the Personal Representative is the sole heir?
If the decedent died owning any property in their own name the estate is responsible for paying their debts. The creditors and any unknown heirs must be provided with the opportunity to make a claim against the estate. If there is real property, title will not pass legally unless the estate is probated. If there are personal bank accounts the administrator will need letters of administration to access the funds and close the accounts.
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
Can you get your property from the car if it has been repossessed without paying a fee?
Can I get my personal property from the car if it has already been repossed without paying a fee?
What are adult children responsible for paying from a deceased parent with no Will or estate but multiple medical bills?
Probably not. The estate may be used to pay bills but the children should have no personal liabilities.
