0
What else can I help you with?
How long after the death of a loved one does the executor have to settle the estate and get a loan to pay off the heirs?
The executor doesn't borrow money to pay off heirs. They get paid from the remaining estate, according to the provisions in the will, after the debts have been paid. If there is nothing left then the heirs get nothing. As to "how long", it depends on how complicated the situation is; an executor is expected to act in good faith with all reasonable and prudent speed, but the law does not require that the executor work miracles. If a substantial part of the estate is non-liquid assets, it could legitimately take longer for the estate to settle than if it were primarily cash.
If you are executor and there is only money in IRA do you have to take the money out to pay off car loan of deceased?
Or you have to sell the car and settle the loan.
Can a executor do a loan mod to save the home?
The executor is required to preserve the estate. That may require a loan modification. They can also sell the property.
What happens to the car when someone passes away?
that depends on whether it is paid off or still has a loan/lean on it. if it is paid off, it must be willed to somebody, or it can be purchased from the estate. if it has a loan on it it can either be givin back to the lender, or the loan can be taken over by the executor of estate. if it is to be bought form the estate it must be sold by the executor of estate. if it is willed to a person and it is paid off you simply have to do the paperwork to make it legally yours. in any case, the best person to discuss this with is the executor of estate, or the deceased's lawyer. they can handle or guide you to your options. just an fyi, the executor is essentially somebody who has power of attorney. they are typically the widow, or somebody appointed in the will.
How can i find out if my sister who is the executor has gotten a loan?
To find out if your sister, as the executor, has secured a loan related to an estate, you can start by reviewing any estate documents she may have shared, such as the will or estate accounting. Additionally, you can check with the estate's financial institutions for records of any loans taken out. If you're concerned about transparency, consider having a candid conversation with her about your inquiries. If necessary, consulting a lawyer about your rights and the executor's obligations may also be helpful.
When would one obtain a probate loan?
One can obtain a probate loan if he or she is expecting an inheritance. The heirs can ask for money in advance which can be deducted from the amount of inherited assets. The probate attorney will see to it that the heirs get this probate loan.
One person car loan and death?
Heirs pay loan or bank takes car.
What if your dad had a home equity loan are the heirs now responsible to pay that off?
If your deceased father had a home equity loan are the heirs now responsible for paying it off IF THEY SELL THE HOME?
Borrowing money and now they are deceased to you have to pay back the estate.?
You still owed the money. The executor can ask you to pay back the loan. They can also credit it to any inheritence you may receive.
Are you liable as executor of your mothers estate to a loan she made to your brother 3 years before she died?
If there is written evidence of the loan and your mother didn't cancel it in her will then it may be an issue. If there are other beneficiaries who will all share in the estate the loan amount should come out of your brother's share unless the other heirs agree voluntarily to cancel the debt. You should seek advice from the attorney who is handling the estate.
If your deceased father had a home equity loan are the heirs now responsible for paying it off?
The heirs are not legally responsible for paying the loan. However, if they want to keep the property the loan must be paid or the lender will take possession of the property by foreclosure.
What if the heirs do not have money to pay probate and the estate is only real estate?
In order to transfer the real estate, they will have to have an estate and someone with authority to sell the property. The executor could take a loan out against the property to resolve the debts or to cover costs until sale.
