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Does an executor have a conflict of interest if he has borrowed a large amount of money from the deceased and has not paid it back to the estate upon due prior to deceased death?
Wiki User
∙ 11y ago
There should not be a problem as long as everything is properly documented. The loan will count against their portion of the estate. If there is not enough money in the estate to pay the debts, they will have to pay them back.
Wiki User
∙ 9y ago
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What if Surviving spouse is executor and also creditor?
They can't be both. They can either be the executor of the will (carrying out the wishes of the deceased) - or a creditor (being owed money by the deceased). If they act as both - there could be a conflict of interest (and accusations of theft or fraud). The's far easier to have an independent person to act as an executor - then they don't have any financial interest in the deceased's will.
How do you find out who the executor of your grandmas unclaimed money is when she did not have a will?
If your grandmother is still living, you can't. If she is deceased, the executor of the will is required to notify you if you are in the will. If there is no will, and your parents are deceased, then you should contact the probate court and/or executor.
Is an executor responsible to an inheritor to fincancil records of the deceased?
The executor is responsible to the court. Anyone with an interest in the case can present his concerns to the probate judge. The executor does not owe anyone anything. No one can tell the executor to do anything. If the probate judge instructs the executor to give you a copy of the report, you will get a copy of the report. If you do not present your concerns to the probate court, you are Sadly Out of Luck.
If a person is married is the executor of their will responsible for paying there bills?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party. He or she also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. The executor can be almost anyone but is usually a lawyer, accountant or family member, with the only restriction being that he or she must be over the age of 18 and have no prior felony convictions. Source: Answers.com
Can your sister who is listed as an executor along with you also as an executor try to have you removed as an executor on your mothers will?
Yes, she can petition the court to be the sole executor. If there is conflict, the court may very well appoint a third party, a bank or attorney, without a vested interest in the estate. This typically costs the estate money in the form of compensation to the executor.
Does executor have right to sell house if you own half?
If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.If you own a one half interest in the property in your own right and as a tenant in common, the executor can only sell the half interest owned by the decedent. The executor cannot sell your own interest in the property.
Can a person be an executor to the estate he owes money to?
Yes. Nothing prohibits a testator from choosing a person as his or her executor simply because there is a debt between them. In the matter of who is to be the executor, courts go to great lengths to honor the wishes of the deceased. The beneficiaries will be able to challenge in court the manner in which the executor handled repayment. An executor might be held to a higher standard of proof if he or she disputes the claim in full or in part than any other creditor might be held to. In other words, although it appears that there is a conflict of interest in the executor handling his/her own claim, there are remedies available to beneficiaries to ensure proper handling of that claim that do not thwart the decedent's personal choice of the person to be the executor.
Is the executor of a family member's will required to carry out all of the deceased wishes even if the executor disagrees with some of the deceased's requests?
First, no one is an executor until the will has been allowed by the probate court and the court has appointed the executor. Until appointed by a court, an executor has NO power.Once appointed, the executor MUST follow the provisions of the will regardless of their personal feelings. The executor has no personal interest in the estate. They perform their responsibilities under the supervision of the probate court and will be held personally liable for any misbehavior.Every person has the right to decide what will happen to their property when they die. Those wishes are expressed in a will. Only a judge can modify the terms of a will after the testator has died..
Can someone have medical power of attorney at the same time be executive to the patients will?
Yes, someone can have medical power of attorney and be named as the executor of a patient's will at the same time. These roles serve different purposes and do not necessarily conflict with one another. Medical power of attorney grants an individual the authority to make healthcare decisions on behalf of the patient, while the executor of a will is responsible for handling the deceased person's estate and carrying out their wishes as stated in the will.
FWhat is excutor of will mean?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party (parties). Assets can include financial holdings, such as stocks, bonds, or money market investments; real estate; direct investments; or even collectibles like art. The executor has to estimate the value of the estate by using either the date of death value or the alternative valuation date, as provided in the Internal Revenue Code (IRC) The executor also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased.
Is it illegal for a deceased persons 4th wife to open mail if she is not the executor?
In the UK it is not if it has come to her address.Added: (in the US) IF she and the deceased were legally married at the time of his death, she may open the mail. However, it it contains anything of significant value or interest that the Excecutor (assuming that she is NOT the Executor) should be made aware of, then she must turn it over to them.If she was NOT the legal spouse at the time of his death, she may NOT open it, but must either return it to the sender, OR turn it over un-opened, to the Executor of her ex-husband's estate.
A charge for borrowed money usually the percentage of the amount borrowed is called?
That is called "interest"
