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When a proprty is sold do both executors get the money?
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
what disadvantage of buying insolvent estates?
An insolvent estate is one with no value to it. The debts are greater than the assets. Therefore, it does not make sense to purchase an insolvent estate.
Can heirs of mothers estate file ensolvency if there is already an administrator?
No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.No. It is the responsibility of the administrator to notify the court if the estate is insolvent and provide all the supporting documentation.
What is an insolvent estate?
An insolvent estate is a the property of a deceased individual that has more debts than assets. Often the property must be sold to cover those debts.
What percentage of executors or administrators charge the estate?
There are no clear numbers on the percentage of executors that charge the estate for their services. Estimates put this number at anywhere from 40 to 75 percent.
Is it possible for there to be two executors of a will?
Yes, it is possible for there to be two executors of a will. They can work together to carry out the wishes outlined in the will and manage the estate.
Does a stepfather have rights to property if mother had a life estate?
No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.No. Mother's life estate is extinguished upon her death. Her husband would have no rights in the property whatsoever.
Executors fee is based on a percent of what?
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
How are disputes handled between two co-executors of an estate?
The co-executors should discuss the issue with the attorney who is handling the estate. If the dispute cannot be resolved the matter should be brought before the court for a ruling.
Who can live in house after life estate?
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
In NJ is the Executors fee based on the gross or net amount of the estate?
Gross.
Can someone who is a life tenant leave the property to a sibling in his Will?
AnswerNo, a life tenant has the use and possession of the property for the duration of their natural life. Upon their death the life estate is extinguished. The property does not become part of their estate.
