The estate must be filed in probate court. The court will appoint the executor and issue Letters Testamentary. The letters provide the executor with the authority to settle the estate according to the provisions in the will and the probate laws under the supervision of the court.
The executor must publish a notice of the estate so that any unknown creditors can file a claim. There is a statutory period during which a claim may be filed that varies from state to state. The debts of the decedent must be paid before any property can be distributed to the heirs so you cannot receive any distribution at least until that statutory claim period has ended.
Once a probate has been filed it becomes a public record. You can go to the court at any time to monitor the progress of the executor and to make certain the estate is settled with expediency. The executor must file an inventory of all the property owned by the decedent, file an estate tax return, pay the debts and charges of administering the estate and then distribution can be made. You can also address any questions you have to the attorney who is handling the estate.
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
The executor is entitled to be paid for their work. The court has to approve the distribution and the fee they charged, which is often set by law. If the estate has been closed, you can sue the executor if they breached their fiduciary duty.
No. A personal creditor of yours has no right to attach the estate for which you are the executor. However, if you are also a beneficiary of that estate the creditor can go after your portion of the distribution.
The fee paid to the executor is considered taxable income.
There is no executor of probate. The executor of the estate executes the will and probates the estate.
It will depend on the documentation and when the debt was incurred. The executor can bring suit on behalf of the estate.
Yes. The executor should be reported to the court immediately.
What is the executor of the estate for the titanic?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
No. If your stepmother was executor of the estate, she still is the executor and entitled to those funds, not you.
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
An executor is charged with acting in the best interests of the deceased and adhere to the stipulations of the will. An executor may acquire money from the estate if: 1. there are specific stipulations in the will that the executor is entitled to funds as compensation for their efforts. 2. The executor is a named beneficiary of the will, a situation that often happens with couples.