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If a will says that a loan should be deducted from a beneficiaries portion of the estate how would that be done?
Wiki User
∙ 12y ago
Simple, simply offset their share against the loan.
Here's an example:
House $250,000
Cash and bonds - $150,000
Vehicle and goods- $50,000
Owed to debtors - [$ 50,000]
Owed by beneficiary - $50,000
Net value of Estate - $450,000
Each of the three would get $150,000 from the estate, but the one that owes money would get $100,000 in money and $50,000 in debt relief.
Wiki User
∙ 12y ago
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What information should be included in a letter from the estate executor to the heirs or beneficiaries of an estate?
Only you know what you want them to know.
Can an executor sell house against wishes of beneficiaries if liquidation of the house is not necessary to cover estate expenses or taxes?
If the power to sell real estate was granted in the will then the executor has the power to sell it. However, if ALL the beneficiaries agree that the property should be retained they should insist the property not be sold. Remember that the beneficiaries own the real estate. If the executor proceeds to try to sell the property the beneficiaries should petition the court to review the matter ASAP.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
What are the Beneficiaries rights in an estate?
"Rights" may not be the appropriate term. A beneficiary has a "claim" to the estate, arising from their inclusion in the will. Anyway, to get to your question, a beneficiary should be given a copy of the will, so that they may view their entitlement, and the entitlement of all the other beneficiaries. Also, the Executor should contact you and inform you of their progress administrating the estate. As a beneficiary, you may have legal recourse if you do not think the Executor is administrating the estate correctly.
What happens if one beneficiary does not pay their share of the real estate tax?
You should keep detailed records with copies of checks used to pay the expenses. When the property is sold, the beneficiary's share of the expenses should be deducted from his/her share of the proceeds and that amount should be added to the share of the proceeds distributed to the other beneficiaries.
Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
Does the Executor answer to the beneficiaries?
The executor should operate in the estate's best interests.
How should one go about deciding who should be a beneficiary for an estate?
The declaration of a beneficiary or list of beneficiaries for an estate can be a difficult undertaking. The estate is typically given to the spouse. However, if this person is unable, one should list their closest relative who is capable of caring for the estate.
Do you have to pay unsecured credit card debts?
The personal represenative of the estate should pay them from estate assets if they are valid claims. The beneficiaries would not pay them.
If one heir owes a small debt to an estate should the debt be paid before the estate is divided or should the debt be deducted from that beneficiary's share?
You should ask the attorney who is handling the estate. If it is a small estate there may not be any tax consequences either way.
You have an executor who has been advised of a parcel of shares by the beneficiaries and has changed them into their name but will not distribute the proceeds nor talk to the beneficiaries what can we?
You can report the behavior of the executor to the court and request they be replaced. The executor should be available to the beneficiaries and should provide answers to any questions about the execution of the estate. If they will not distribute the proceeds they should provide an explanation. Perhaps it is too soon. If so, they should explain the timetable for distribution. You should call the attorney who is handling the estate for an explanation.
Should my husband who has his life insurance payable to his 'estate' change it to named heirs?
Yes. He should name you as the beneficiary and your children as contingent beneficiaries. That way it will not become part of his probate estate.
