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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?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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What debts will be the responsibility of the heirs to your estate?
None of the debts are the responsibility of the heirs. The debts are the responsibility of the estate. The executor must settle all, or as many as possible based on the assets of the estate, before they can distribute any of the the estate to the heirs.
Can a executor live in home and not pay out value until thay want?
Generally no. Generally, ownership of real property passes to the heirs at the moment of death. Therefore the heirs own that real estate. However, the estate must be probated in order for title to pass legally. You should report the executor to the court asking that they be removed and a new executor appointed to settle the estate.
Your father had no will are you responsible for his medical bills after his death?
Well, not you personally. But your father's estate will have to settle the outstanding liabilities. If your family cannot agree on a executor, the court will appoint one. The executor's job is to see that all bills are paid prior to distribution of the estate to the heirs.
Should the executor provide all estate business to all sibling heirs during probate in order for each to make informed decisions about the estate and sale of deceased parent's home?
No. An executor is the person who has been officially appointed to settle the estate. The executor does not answer to the heirs and they do not direct the actions taken by the executor. They do not need the permission or involvement of the heirs. Although the executor may, at their discretion, encourage the interested parties to express an opinion regarding the sale, the executor has the legal power and authority to make the final decision.
Can the executor of an estate file a wrongful death lawsuit on behalf of the estate?
Yes the executor can certainly bring a lawsuit. There is no requirement for there to be heirs to the estate to bring the suit. The estate may have many debts to settle, including medical bills and be able to use the money.
When can stock money be dispersed after received in estate?
The executor has to settle all debts. Once they are satisfied that they can be paid, they can consider disbursing money to the heirs.
Can executor be forced to probate mineral rights to heirs in timely fashion?
Yes. A court appointed executor is obligated by law to settle the estate with expediency. However, the executor is bound by the speediness of the court where the probate is filed.
Can an executor of an estate refuse to lower the price of house in the estate when the other two heirs request that it be lowered?
The heirs cannot tell the executor what to do. If they have a complaint regarding the handling of the estate they must file it with the court and request a ruling.The heirs cannot tell the executor what to do. If they have a complaint regarding the handling of the estate they must file it with the court and request a ruling.The heirs cannot tell the executor what to do. If they have a complaint regarding the handling of the estate they must file it with the court and request a ruling.The heirs cannot tell the executor what to do. If they have a complaint regarding the handling of the estate they must file it with the court and request a ruling.
What are the obligation of an executor to the heirs of an estate?
To insure that the estate is settle correctly and efficiently to maximize the heirs inheritance and to provide clean title to property. A full accounting of the estate and its assets must be produced.
Do heirs have to pay back a loan taken out by the executor?
No. If an Executor takes out a loan it has nothing to do with the estate he is executing.
Can legal action be taken against an executor of an estate if he does not follow wishes of heirs?
The executor is required to execute the terms of the Will, or follow the laws of intestacy (if there was no Will), not comply with the wishes of the heirs.
Can the estate recover funds from overpayment to heirs?
It is probable that there will be different laws relating to this in different countries so you really need the services/advice of a lawyer (attorney). However, basically it is the executor's (the person named in the will to execute the will) job to settle the estate's debts and distribute the remainder of the estate to the heirs as set out in the will. If there has been an overpayment or mistake made by the executor then the executor would possibly be personally liable to correct the mistake (especially if the executor was a professional). Recovering funds once they have been paid out would not be a likely course of action.
