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Do you have to hold money in an account for any period of time after the sale of a deceased parents home?
Wiki User
∙ 14y ago
The estate must be probated in order for title to the property to pass to the heirs legally. The court must appoint an executor who will have the authority to settle the estate according to the provisions in the will and the state probate laws under the supervision of the court. Probate laws require a notice to be published in the local newspaper to notify the world of the probate proceeding. Each state has a time period during which creditors can make a claim against the estate. The debts of the decedent must be paid before any property can be distributed to the heirs.
Once the period for creditor claims has passed the executor can sell the property if that power was granted in the will or if the executor obtains a license to sell from the court. Otherwise, once the estate has been settled and the heirs have acquired legal title to the property they can sell it.
You should consult with an attorney in your area who specializes in probate law.
Wiki User
∙ 14y ago
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How can you get the money from your deceased mothers checking account?
The executor of the estate can close and empty the bank account. Distribution will be in accordance with the will. Consult a probate attorney in your state. You have to wait until the will goes through probate.
How does a fatcat account work?
A Fat Cat Account is a bank savings account designed for children. The parents can open the Fat Cat account for the child, then help them learn about saving money and using a bank account.
What is money placed into an account?
money in a bank account, when u put money into an account it is called a deposit.
Provision is a temporary account or permanent account?
Provisions indicate how much money is put into an allowance account during a given period. Provisions are therefore temporary accounts. Allowances, which indicate the cumulative amount of money set aside for things like bad debts, are asset accounts and therefore permanent accounts.
When you deposit money to 1 account is it a debit or a credit?
it is a credit. Depositing money into an account is putting money in.
Who gets a deceased parents money in the bank account?
If there is a will, then the beneficiary gets the money. If there is no will all the children of the decedent get an equal share of the money.
Is the family allotted money from a deceased account?
It depends. a. If the deceased individual has a legal will, the people mentioned in his will, will be given the money from his account b. If he does not have a legal will, then his legal heirs (spouse and/or children) will be given the money from his account c. If he does not have any spouse or children, then the remaining family members will be given the money
In the State of Kentucky when a minor child dies and the parents are divorced with joint custody what happens to money that the deceased child had invested?
I am sorry for the parents loss. But I hope that they are not fighting about the money. A good thing to do with the money would be that neither parent get it and it go to a memorial college fund in the name of the child. * The distribution of funds depends upon how the account was established. For example if the account was held by one of the parents with survivorship rights being applicable the funds then revert to the parent account holder. Other situations will be determined by the probate succession laws in the state where the account is held.
Can children collect on money that was owed to their parents that died?
If your parents have left a will then it is the responsibility of the executor of the will to pay all of the deceased persons debts and also to collect any monies owed to the deceased person.
What happens to the money in an account when the owner passes away?
It passes to the deceased's estate upon proof of death.
What does a bank need if a deceased person has certificate of deposit or accounts in their bank?
They actually don't need anything. However if someone needs to withdraw the money from that account of the deceased person they must:provide proof that the person is actually deceased (A death certificate)provide proof that he/she is the legal heir of the deceased (A will or a relationship proof that they are the son/husband/wife/daughter of the deceased)Once the bank verifies these documents, they will release the funds from the deceased persons accounts to you. Without these you cannot take any money from that account.
What is account sales?
A sales account is an account used for cash and credit sales for a specific period of time. It can also be an account that brings money from outside into a firm.
Your parents and you had a joint bank account they died who does the money belong to?
A joint bank account belongs to the surviving owner.
Have you ever transferred money from your bank to another account in the foreign country to a person who is a next of kin to any deceased farther from Senegal?
I have never transferred money from my bank account to a person from Senegal since most of them are usually scammers.
What is a children's bank account?
A children's bank account is usually a custodial savings account. This type of savings account allows parents to save money for their children's futures.
Can executors use the money from the deceased bank account for personal use after probate?
They certainly may not do so. It is a breach of their duty and could be criminal.
Can a creditor take money from deceased bank account without written permission from executor?
It is possible for it to happen. They would have to have a court order to do so.
