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An executor must be appointed by a court. The executor can resign by filing a resignation with the court and the court will appoint a successor.
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What is an ACH wire transfer used for?
An ACH wire transfer is a way to send money to a person. This type is usually and almost always done electronically so it is put into another person bank account.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
If someone owes taxes a dies what happen next?
This is a very interesting question. If someone dies and owes money to the IRS, the Executor (the person who takes responsibility for the deceased person's estate) is then responsible for settling the person's debts (using the deceased person's estate, not their own money or assets). The Executor is responsible for collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims. The money in the estate must be used to pay off the person's debt. If, however, the deceased person does not have any money in the esate to be able to pay off the tax liability, the debt DOES NOT transfer to the Executor UNLESS there was a joint liability with the deceased (if the Executor is the widow or widower of the deceased, and the two had filed joint returns, the liability will be assessed to the Executor). Otherwise, the Executor will need to contact the IRS, provide a death certificate and evidence that the estate is unable to pay off the liability. The debt should then be canceled once and for all. For information on claiming a refund for a deceased person, you'll need to file a Form 1310. You can visit the following link to the IRS website for more information: http://www.irs.gov/taxtopics/tc356.html If you'd like to contact me with more tax questions, visit my website: http://www.taxreliefsolutions.com Thanks! Brent
Who files tax return for a deceased person?
The executor of the estate files the tax return for the deceased.
How does someone transfer their job as co-executor to another person?
An executor has no authority until they have been appointed by the probate court. The executor must file a resignation with the court that appointed them and the court will appoint a successor.
Can you appoint an executor from another estate in your will?
Yes. You can appoint the same person as your executor in your will even if that person has been appointed by someone else as their executor in their will.
Can you sue a person that has sold a house without checking with the executor?
Yes, you can certainly sue for that. The executor can go to the court and have the sale nullified. Only the executor can transfer the property of the estate.
If the admin in a trust moves to another state before executing or probating the trust can another person from out of state perform it?
Only the person appointed by the court can handle a will, trust or inheiritance. If the appointee wishes to give up executor position then the court will assign someone else. In most states the executor does not have to be a resident.
How do you fire executor of your will?
Assuming the person who made the will is still alive, he/she can do another will or do a codicil to that will that changes the executor to someone else. If the person who made the will is dead, he/she cannot change the executor. Obviously.
What if you don't want to be a co executor?
Yes. No one can force you to be executor, even if they name you as executor in their will. In the event the person named as executor declines, the probate court can appoint a new executor instead.
Can an executor relenquish their rights and can another of the deceased children become executor?
Yes, an executor can turn down the responsibility. The court will appoint another person and would probably approve it without a second thought.
Can executor appoint a representative?
Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.Generally, an executor can appoint an "agent" who can act on their behalf. This is done when the executor lives some distance from where the estate is being probated or in another state. You should ask the attorney who is handling the estate. If the executor simply wants to appoint someone else to take over their duties that would not be approved by the court. In that case, the executor should decline and let the court appoint another person as executor.
What is the difference between executor and personal representative?
An executor is the person appointed by the court to carry out the provisions in a Last Will and Testament.A personal representative has two meanings: a person who manages the financial affairs of another person or the person appointed by the court to settle an estate. The court-appointed personal representative is an executor if there is a will or an administrator if there is no will.
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