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How long after death does the executor have to pay the heirs if there were no debts?
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How long after the death of a loved one does the executor have to settle the estate and get a loan to pay off the heirs?
The executor doesn't borrow money to pay off heirs. They get paid from the remaining estate, according to the provisions in the will, after the debts have been paid. If there is nothing left then the heirs get nothing. As to "how long", it depends on how complicated the situation is; an executor is expected to act in good faith with all reasonable and prudent speed, but the law does not require that the executor work miracles. If a substantial part of the estate is non-liquid assets, it could legitimately take longer for the estate to settle than if it were primarily cash.
How long can an executor of an estate hold on to proceeds from sales of home before he must distribute to heirs of will?
He must distribute the proceeds as soon as possible after all the debts of the estate have been paid. If he does not act with expediency the heirs can file a complaint and seek a court order,
Can probate be closed if all heirs dont cooperate?
The executor can work at closing off the will without any requirement of the heirs to cooperate. As long as the executor can justify the distribution of the assets, the court can approve the proposal of distribution.
How long after death does an executor have to wait for medical bills before dispersing funds?
He has to advertise for at least 90 days. And he has to contact the hospital directly to inquire about outstanding debts.
Can the executor of an estate in Michigan granted power to sell real estate in the will place it in a trust for the heirs?
Yes, as long as the court concurs. If there are enough assets to cover the debts without selling the property, they can create a trust. This is often done for minors.
Can your sister who is the executor distribute your mom's money whenever probate is over?
Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.
How long does the executor of a will have until he has to give you your money?
There is no time frame specified for closing an estate. The executor has to satisfy the court that they have resolved all the debts before doing the final distribution.
Can an executor of a will who is a husband of one of three heirs transfer property to himself as long as the othr two heirs get their part of the appraised value?
It is common for one heir to buy out the others on property. As long as everyone is in concurrence with the transfer, no problem.
What happens to a debt you owe to a person that dies?
The debt you owed to the decedent will become a part of their estate and their heirs can collect as long as they have proof that you owe the money. The heirs can request that an estate representative be appointed and that person can pursue payment from you. The debt does not just go away as long as there is evidence that the money was owed to the decedent.
Are you able to draw money from your deceased mothers estate before probate is complete?
The executor is capable of doing so. As long as it is obvious that all the debts can be resolved, the executor can make distributions.
Is quit claim deed valid only when grantor dies?
Generally, in the United States, when a person dies owning real property their estate must be probated in order for title to pass to the heirs legally. Once the title has passed legally the heirs can convey the property by a quitclaim deed to a new owner. You should seek the advice of an attorney who specializes in probate.
Can i become executor of an estate after my father's death?
There is no reason you cannot become executor of an estate as long as the court agrees. As long as you are 18 or older, you can serve in that capacity.
