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How can executor of an estate buy out other family members on real estate?
Wiki User
∙ 13y ago
First, the estate must be probated and the executor must be appointed by the court. Then there are different ways the executor can purchase the real estate.
They could petition the court for a license to sell the real estate with the executor as the purchaser after a fair market offer has been accepted by the beneficiaries. The executor would need to obtain the assents of all the other beneficiaries to the petition. The court would likely allow such a transfer. Another method would be for the executor could wait until the probate procedure has been completed and then purchase the property from the beneficiaries who inherited it and are now the legal title holders.
Either way, the executor should consult with the attorney who is handling the estate to make certain the transfer is done properly and title is passed legally.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoThey do have that ability. The property belongs to the estate and the executor is responsible for it. The purchase price must be a fair market value and may require court approval.
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What rights do the non executor surviving children of deceased parents have to the estate when only one is named executor?
The named executor must submit the will for probate and request appointment as the executor. Once appointed they will have the sole authority and responsibility to settle the estate. The executor should hire an attorney, especially if there is real estate.The other family members have no right to interfere with the executor's handling of the estate unless the executor fails to perform their duties properly. They do not have any right to handle any property of the estate. The executor must follow the state laws that govern estates and the debts must be paid before any property can be distributed to the heirs. The executor will be eligible to charge a fee for their services and the fee is set by law. Any family member can monitor the progress by visiting the court and requesting to review the probate file.
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 a executor rent out estate to other party for gain?
An executor cannot rent out an estate to an other party for his or her own personal gain, however, it could be done on the authority of the estate owner, or directives left in a will.
Can a child who is not executor of estate be allowed to help the other two children who were named executor of estate in the cleanup of deaceased parents household with no spouse?
Certainly.
Can the executrix sell a house that is in the estate without permissin of other beneficiaries?
Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.Yes. The court appointed executor doesn't need "family permission" to perform their duties. THose duties are performed according to the provisions in the will and the state laws under the supervision of the probate court. The family need to step back. The authority to sell real estate can be granted in the will or the executor can request a license to sell the real estate from the court. The purpose of appointing an executor is to avoid the "family" interference in probating the estate that can cause serious family schisms after a death in the family. It is a frequent problem after a death in the family.If the family wishes, unanimously, to keep the real estate they should discuss it with the executor and as long as there are no objections and no debts that require its sale they should be able to retain it unless the testator ordered that it must be sold.You should consult with the executor and the attorney who is handling the estate.
Can the executor of the estate transfer ownership of home to executor with consent of living owner?
You can't be the executor of an estate if the individual is still living. Property transfers are done the same as any other time.
Why it is beneficial to appoint the bank as an executor?
There are benefits and detriments to everything, and appointing a bank as an executor is no different. Appointing a bank is only beneficial if it is a substantially large estate. In fact, most banks will refuse to become the executor, even if named in the will as the executor, if the estate does not consist of certain minimum amounts it fixes. Benefits flow mainly from the financial expertise they have in handling large sums of money and investing them while the estate is being administered so as to obtain the best rate of return. Another benefit is that it takes administration of the estate out of the hands of a single family member where jealousies or other family issues might cause losses, delays and other problems.
Should sibling who is executor and is inheriting estate residual be able to get executor fees from other sibling who is inheriting most of estate in real estate?
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
Can executor who has grant of probate distribute the estate between other executors and beneficiaries?
That is the job of the executor. They have to inventory the estate, value the property, resolve debts and then distribute the remainder.
How does one decline being an executor of a will?
You file a Declination with the court and the alternate executor named in the will is next in line to be appointed. If there is no alternate executor named in the will or if the alternate cannot or will not serve as executor then the court will appoint one. "Residuary legatees" in most states have a prior right to be appointed over "family members" because the residuary legatees are the ones that have a stake in the outcome of the administration of the estate. A "family member" simply by being a family member, may not have an interest in the estate, such as where a child has been disinherited, and would most likely not qualify to be appointed. On the other hand, if all the interested parties to the will assent, any family member capable of serving or a non-related person or financial services company may be appointed such as an attorney, trust department of a bank, accountant, financial consultant, favorite uncle, etc. You should seek the advice of an attorney if the estate needs to be probated. The estate needs to be probated if there are any assets that were owned by the decedent.
Can a co executor of an estate make the other co executor turn over a benefit check to the estate?
Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.
Does the estate pay tax on life insurance?
In most cases no! But in the estate it will be subject to probate charges and other fees such as executor.
