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.
No. If an Executor takes out a loan it has nothing to do with the estate he is executing.
The executor of the estate is responsible for executing the will. They will have to get the will eventually. The decedent, being dead, cannot very well object to their seeing it.
An executor handles the estate of a decedent who died with a will. An administrator handles the estate of a decedent who die without a will. The terms are different because an executor is executing the decedent's directions as stated in the will. The administrator is simply handling the estate according to general laws.
Write a will! That is the way to appoint someone executor of the estate.
If there is an estate, there are tax forms to be submitted. They may not result in any estate taxes, but they have to be filled out and sent in. That is one of the responsibilities of the executor.
It would be pretty difficult to be executor and not know what you are executing! Yes, they need a copy of the will.
Yes, the executor must file taxes. That is one of their responsibilities to the estate.
Yes. The executor can assign their rights to represent the estate by the appointment of an agent. That is frequently done when the deceased owned property in another state or when the appointed executor lives a distance from the court where the estate is filed.
It means they are responsible to administer the estate. They will also receive some of the estate as an heir.
There is no executor of probate. The executor of the estate executes the will and probates the estate.
The exector's responsibility to the estate, not the beneficiaries. They are accountable to the court for executing the will and the laws.
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.