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If I am a beneficiary of a POD bank account. Can the executor of the estate make me return the funds to estate?
Wiki User
∙ 14y ago
No. The funds belong to you. Payable on Death accounts are not a probate asset. The funds will be paid directly to you by the bank. To collect the funds, you need to obtain a copy of the death certificate and take it to the bank. You must show whatever identification the bank requires. You should obtain an official statement from the bank stating the balance that was paid over to you. You should keep that statement in your important records and provide the executor with a copy.
Although the account is not part of the probate assets the balance must be added to the assets of the estate for tax purposes. Therefore, all the executor needs is an official statement from the bank that shows the balance of the account that was paid over to you.
Wiki User
∙ 14y ago
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Is an executor of an estate the same as an beneficery?
NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.
Can executor ask beneficiary to return keys?
Yes, the executor is responsible to the court to preserve the estate. Securing the property by preventing others from accessing the property is a step in that direction.
Does the executor have the right to require the beneficiaries to sing a release before the estate monies are distributed to the beneficiaries?
Yes. If the executor has refused to make distribution then you should complain to the attorney who is handling the estate and to the probate court immediately. They can be compelled by the court to act or they can be replaced.
Will you need to pay estate taxes?
That will depend on the value of the estate. The executor will have to file a tax return with the IRS for the estate.
Who files tax return for a deceased person?
The executor of the estate files the tax return for the deceased.
What happens to an estate when the executor dies before the estate was distributed to the beneficiary and the beneficiary dies and has no heirs?
No. The executor's family is not relevant (unless by coincidence). The distribution of an estate where a will is not made, or where a will does not cover all the possibilities (such as a beneficiary dying before they receive the estate) is complex and will depend on the exact circumstances, and often will rely on the decision of the Probate Court.This answer refers to English and Welsh Law, but principles may apply to other jurisdictions.United StatesOnce the Will is allowed by the probate court the property will be distributed according to the provisions in the Will. If the Will is insufficient, the distribution will be done according to the laws of intestacy. If the executor died, the court will appoint a successor.If the beneficiary died after the Will was allowed, the property will pass to the beneficiaries estate unless the Will included other provisions regarding the subsequent death of a beneficiary. For example, a Will may provide that a beneficiary must survive the testator for 60 days or the gift will lapse and return to the estate. If the gift lapses, the property will be distributed to the testator's heirs at law under the state laws of intestacy.On the other hand, if there is no such provision that the gift lapses the property will pass to the beneficiary's estate. If they have no legal heirs the property will escheat to the state.You should consult with an attorney who specializes in probate law.
Your dad left you as beneficiary on his savings account Do you have to pay taxes on it?
Any interest earned before his date of death is reported on his final return. Any interest earned afterward is reported on your return. It will alsobe used to calculate estate taxes payable by his estate, if applicable.
What can heirs of an estate do if the executors refuse to have items appraised as stated in the will?
Return to the court that appointed the executor and petition to have the executor removed and a new one appointed.
When a person dies do they have to file taxes?
The individual does not file a tax return, but the estate is required to. That is the responsibility of the executor. They file on behalf of the individual and the estate.
Why didn't insurance company write the check to the estate they wrote it personally to the executor of the estate what does that mean The check can't go into an estate acct So what now?
Insurance companies make mistakes quite often. First, verify that you are not the named beneficiary on record with the insurance company. Second, ask the bank if the check can be deposited into the estate account if you haven't done that already. Make sure you have a copy of your Letters Testamentary as proof of your authority as executor. If that doesn't work then you will need to return the check and ask that the check be made payable to the estate. You should call the insurance company first to determine what their procedure is and to obtain the name of a representative who will help you obtain a replacement check ASAP.
Can I file my deceased father's Tax return?
The person who is designated as the Administrator or Executor of his estate is the one who has the right to file this return and to negotiate any refund check if one is due. The return must be filed and the type of return is a Decedents Return. Only the person authorized in the will and by the local Probate or Magistrate Court is able to take care of these matters.
If a person leaves his estate to his spouse but someone else is the executor does the executor have any responsibilities in executing the will?
The estate must be probated if the decedent owned any property in their sole name. The executor must be appointed by the court and then has ALL the responsibility of settling the estate. The assets must be collected and an inventory filed with the court. The debts must be paid before any distribution can be made. The creditors are given a statutory period during which they may make a claim. That period varies from state to state. No distribution can be made until that period has passed. The executor has full and exclusive control over any property owned solely by the decedent. Therefore, only the executor has the authority to close bank and investment accounts and accept insurance proceeds for any insurance policies owned by the decedent that did not list a beneficiary. The executor must file an estate tax return even if no taxes are due. Finally, a final account must be filed with the court that lists all the real and personal property and where it went.
