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A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
What happens to the assets due to an executor if the executor of a will dies?
They become part of his estate. The executor of his estate would file the claim against the first estate.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Is the executor responsible for distributing inheritance?
That is the job of the executor. To distribute the estate and liquidate the assets.
Can you cash bonds if sister named executor?
Only the executor has the authority to liquidate assets of the estate.
How do you sell stock of deceased parent?
The executor of the estate is able to sell assets of the estate.
What is the fee an executor of an estate receives in British Columbia Canada?
The Executor can receive up to 5% of the estate assets, followed by 5% of the income the estate produces.
How can someone become the executor of an estate?
To become the executor of an estate, a person must be named as such in the deceased individual's will. The court will then officially appoint the executor after the will is probated. The executor is responsible for managing the deceased person's assets, paying debts, and distributing the remaining assets to beneficiaries according to the will.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Can an executor be arrested for not paying the debtors?
The executor is responsible for the settling of the debts of the estate. They are to use the assets of the estate to do so. If there are not enough assets, the debtors don't get paid. Unless they have committed fraud, there is nothing to arrest them for.
Can an executor of an estate sell the personal property that does not belong to the estate?
No, an executor cannot sell personal property that does not belong to the estate. The executor's authority is limited to managing and distributing assets that are part of the estate according to the deceased's will or state law. Selling property that is not owned by the estate could lead to legal consequences and potential liability for the executor. It is essential to properly identify and verify the ownership of assets before any sale.
Who's responsible for claims made against the estate?
The executor or administrator, but only to the extent of assets in the estate.
