0
How does a personal representative pay for items when there is no money in the estate?
Wiki User
∙ 16y ago
They don't pay for them. If there are no assets, those owed don't get paid. If there are assets, say a house, they are sold and used to pay the debts.
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
Is it illegal for a personal representative in charge of closing an estate to spend estate money for personal use or crisis?
Yes. The person is required to provide an accounting to the court of all property that came into the estate and all the property that went out. The use of funds for personal reasons should be reported to the court.
Heirs want to confirm the personal representative didn't take funds before they were appointed. Can they request the decedent's bank records from the personal representative during the probate period?
The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.The heirs can request the records from the personal representative on their own but the representative does not have to comply. They could request that through the court if there is a honest reason for thinking the representative stole money from the estate. They can also visit the court and view the case file. They can check the account and the beginning balance listed in the inventory.You seem to want to know if the person who was appointed the personal representative converted any estate assets and is guilty of theft. If you have a serious belief that they did you should speak with the attorney who is handling the estate or your own attorney. If you are simply fishing be advised that courts do not cater to family squabbling.
Is the estate representative responsible for the attorney-in-fact's spending of the deceased money before the deceased death?
You should discuss this issue with the attorney who is handling the estate. If there is evidence that the AIF engaged in self-dealing with the decedent's funds the estate representative may have the responsibility to file suit against the AIF if so directed by the beneficiaries of the estate. The estate representative, once appointed by the court, bears the responsibility to settle the estate properly and should definitely discuss this issue with an attorney to avoid any personal liability.
What is insolvent estates?
Insolvent estates is when an estate whose debts exceed its assets. This means, the money that is owed is more than the money that the person has in all of their accounts and personal items.
Do I as personal representative have to pay medical bills that I do not have money for?
The estate is responsible for the debts of the decedent. However, you should seek the advice of an attorney if there is money but not enough money to pay all the debts. There is a legal scheme by which debts must be paid.
What is the Estate executor fee in Georgia?
Executor's fees (the fees which the personal representative may receive from the 'estate') are controlled by contract, agreement and expressed in the will or separate documents. Or the Georgia statutes spell out the pay schedule. (a) Personal representatives shall be compensated as specified in either the will or any written agreement entered into prior to the decedent's death or a written agreement signed by all the beneficiaries of a testate estate or all the heirs of an intestate estate. A written agreement between a testator and a personal representative shall be valid and binding upon the estate of the testator as fully and completely as if set forth in and made a part of the will. (b) If the personal representative's compensation is not specified in the will or any separate written agreement, the personal representative for services rendered shall be entitled to compensation equal to: (1) Two and one-half percent commission on all sums of money received by the personal representative on account of the estate, except on money loaned by and repaid to the personal representative, and 2 1/2 percent commission on all sums paid out by the personal representative, either for debts, legacies, or distributive shares; (2) Ten percent commission on the amount of interest made if, during the course of administration, the personal representative shall receive interest on money loaned by the personal representative in that capacity and shall include the same on the return to the probate court so as to become chargeable therewith as a part of the corpus of the estate; (3) Reasonable compensation, as determined in the discretion of the probate court and after such notice, if any, as the court shall direct, for the delivery over of property in kind, not exceeding 3 percent of the appraised value and, in cases where there has been no appraisal, not over 3 percent of the fair value as found by the judge, irrespective of whether delivery over in kind is made pursuant to proceedings for that purpose in the probate court and irrespective of whether the property, except money, is tangible or intangible, personal or real; and (4) In the discretion of the probate court, compensation for working land for the benefit of the parties in interest in no case exceeding 10 percent of the annual income of the property so managed. (c) Whenever any portion of the dividends, interest, or rents payable to a personal representative is required by law of the United States or other governmental unit to be withheld by the person paying the same for income tax purposes, the amount so withheld shall be deemed to have been collected by the personal representative. (d) Unless the will or written agreement specifies otherwise, where some or all of the estate passes through the hands of several personal representatives by reason of the death, removal, or resignation of the first qualified personal representative, or otherwise, the estate shall not be subject to diminution by charges of commission of each successive personal representative holding and receiving in the same right but rather commissions for receiving the estate shall be paid to the first personal representative who receives the property for the benefit of the estate or that person's representative, and commissions for paying out shall be paid to the personal representative who actually distributes the fund, and no commissions shall be paid for handing over the fund to a successor personal representative. If there is more than one personal representative serving simultaneously, the division of the compensation allowed them shall be according to the services rendered by each. (e) Unless the will or written agreement specifies otherwise, a personal representative is entitled to receive commissions on debts, legacies, and distributive shares paid to that personal representative in the same manner as commissions to which the personal representative would be entitled under the terms of the will or written agreement or applicable law on such items paid to others; provided, however, a personal representative shall not be entitled to any commissions for any sums paid to any personal representative of the estate as commissions or other compensation. (f) Personal representatives who fail to make annual returns as required by law shall forfeit all commissions for transactions during the year within which no return is made unless the probate court, upon cause shown, shall by special order entered on the minutes relieve them from the forfeiture. (g) A personal representative may renounce the right to all or any part of the compensation to which the personal representative is entitled under this Code section. Additional information: Usually 3- 5 % of the estate, although the amount is subject to considerable variation.
Is money personal tangible property?
Money is considered personal property and personal property is part of a person's estate.
Broker Confirmation Letter?
Get StartedOne of the personal representative's responsibilities in probating a decedent's estate is that of gathering the decedent's assets. The personal representative must collect and inventory the decedent's assets that are subject to probate. Tasks involved in gathering the decedent's assets include reviewing records to identify all of the decedent's assets, determining which assets are subject to probate, taking physical custody of probate assets, valuing the assets, and filing an inventory listing with the probate court.Sometimes, the decedent owned one or more investment accounts. These accounts may include money market funds, stocks, bonds, mutual funds, and other investments.The Broker Confirmation Letter serves several purposes. It allows the personal representative to verify the existence of investment accounts held by an investment firm. It also helps determine the exact ownership of the investments. If the investments are held jointly with another individual, or if the investments are held by a trust, the investments may or may not be subject to probate. Therefore, it is important for the personal representative to be able to identify the types of investments owned by the decedent and in whose name the investments are held.The personal representative must also value the decedent's assets as of the date of the decedent's death. This confirmation letter requests information about the values of the investments as of the date of death, including interest accrued and dividends paid on the investments.The personal representative is also responsible for inventorying the decedent's assets. The personal representative may or may not have all information concerning investments held by the decedent. The personal representative can send this letter to investment firms where the decedent may potentially have held investments. This letter can help identify previously unknown assets.Accounts at investment firms continue to earn interest, dividends, and capital gains after the decedent's death. Such items are income to the estate that the personal representative must report on the estate's income tax returns. This confirmation letter assists the personal representative in obtaining information about investments owned by the decedent, which in turn become assets of the estate. The personal representative can then keep track of the assets of the estate that will produce income for the estate that must be included on the estate's income tax returns.
Does anyone have a good idea on how children can fairly divide the personal property of their parents' estate?
You value all of the items and split the value, once the debts of the deceased are resolved. If there are items that they are arguing over, they should be sold and the money divided.
Can you challenge your step mother in court who is your dead fathers estate representative in court for unclaimed funds in New York State?
If you are named as a beneficiary in the will you do not need to challenge her in court since she will be legally required to distribute the money to the beneficiaries. They will only release the money to the executor or personal representative and no one else. If you have any doubts, consult with a probate attorney.
Can you add to your estate money given to you in a trust?
Generally: Money given to you "In Trust" is not your personal property. It is not part of your individual estate. You would hold that money as a trustee for the benefit of others.
Does all money taken out of estate account have to be tracked with a check or money order?
Briefly and generally: At the commencement of the probate process the court appointed estate representative must file an inventory with the court, listing all the property of the decedent. The debts of the decedent must be paid first then the costs of administering the estate. The remaining estate is then distributed to the heirs. The estate representative must file a final account that documents the disposition of the assets that were listed in the inventory. Once a probate has been filed with the court the file is a public record. Anyone who is interested in the estate can visit the court and request the file. This allows heirs to track the process and review the filings. Since the process is all open to the public the estate representative would be wise to carefully document with check copies and receipts all the expenditures and distributions since any waste caused to the estate is their personal responsibility.
