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No. The executor or executrix cannot be held personally responsible for the decedent's debts.

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โˆ™ 2006-03-08 03:55:35
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Q: If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
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Can an executor of a will be responsible for debts if there is no money in the estate only debt?

The estate is responsible for the debts. The debts must be paid by the executor before any assets can be distributed. If the executor distributes any assets while the debts are outstanding, she/he may be personally liable. If there are no assets the estate is declared insolvent and the creditors are out of luck.


Can the executor of estate be held liable for taxes owed if estate is insolvent?

No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.


Is the executor of a will responsible for any unpaid bills that the estate cannot pay?

The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws.If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.


What is insolvent?

The executor is responsible for presenting a schedule to the court on how the money available will be dispersed. The judge will either agree to it or disagree, but therer is no reason why the executor can't get a fair share of the money compared to the others. Perhaps the estate will pay 20 cents on the dollar to all the debtors.


Does the executor's job become extinguished if an estate turns out to be insolvent?

No, the executor still has to inform the debtors of the insolvency. And taxes still have to be filed and the court satisfied.


What is the executor on a life insurance policy?

The Policy Holder of a life insurance policy is the executor of the said policy.


Is the executor responsible for the lawyers fees?

The estate is responsible for attorney's fees. The executor is responsible to pay the debts of the estate before any property can be distributed. If the executor mishandles the funds they will be personally liable.


Is an executor responsible for the debt?

Not personally. The estate is responsible.


Is the executor responsible for maintening house and garden?

The executor is responsible for the estate. That would include keeping the property in good condition.


Is surviving spouse responsible for medical bills in NJ?

Only if she is the executor of the estate. The executor is responsible for all estate debts.


Is the executor responsible for paying all taxes on an estate?

The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.


Does home insurance continue to the executor after a person dies?

The executor should contact the insurance company and notify it of the death of the owner of the policy.


Can you file bankruptcy as executer of estate?

No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.


Is executor held responsible if bills aren't paid?

The executor is responsible for paying the bills. They do not pay it out of their own pocket, it is the estate that pays.


Will become responsibe for adult son's debts become executor?

The estate is responsible for the debts of the deceased. The executor is not personally responsible for them.


Is an executor responsible for anything missing from an estate property?

The executor has the responsible to maintain the estate. That includes keeping the property safe.


Can the executor pay for work needed on properties?

The executor is responsible for the assets of the estate. That would include taking care of the property taxes, upkeep and maintenance. The executor is not personally responsible for the bills, the estate is.


Is the executor responsible for distributing inheritance?

That is the job of the executor. To distribute the estate and liquidate the assets.


Is a executor of a will responsible for all the bills of a estate?

The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.


Will funeral homes accept assignment of life insurance?

No, not normally, the deceased's next of kin or executor is responsible to pay for the funeral by encasing any life policies.


Is a executor in NY state responsible for debt if it is more than the assets?

The executor is not personally responsible for the debts. If the estate is not sufficient, the debtors will not get paid in full.


Is the executor of the will responsible for debt in excess of value of estate?

No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.


Can a executor be beneficiary of a will and insurance policy of the decedent?

Yes, it is very common that a member of the family be named as executor.


What is a sole executor?

Sole executor is a single person. They are responsible for handling the estate. They will report the results to the court.


Is the executor respondsible for debt when there is no money left in the estate?

No. The estate is responsible for the decedent's debts.However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.