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If an estate is closed and two years later the deceased comes into money what happens to that money?
Wiki User
∙ 14y ago
The estate would need to be reopened and the funds would pass according to the terms of the will or by the laws of intestacy if there was no will. A fiduciary would need to be appointed to represent the estate and distribute the funds.
Wiki User
∙ 14y ago
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Can your family member who is executor and beneficiary of estate refuse to pay deceased debts?
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed.
What is statutory share under the state law of intestacy what does that take care of?
Statutory share is the portion of a deceased person's estate that is guaranteed by state law to go to their surviving spouse or children, even if they are not mentioned in the will. This provision helps to protect the rights of the spouse and children to receive a fair share of the estate, preventing disinheritance in some circumstances.
What if an executor refuses to pay bills for the deceased?
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed. And if they insist on not paying, the court can revoke their status as executor and assign it to someone else.
What happens if an Ex wife comes on the property and removes items from an estate while in probate?
She can be charged with theft and trespass.
What happens to a car loan for a recently deceased person who does not have a co-signer a Will or any other estate?
The next of kin should notify the lender immediately for instructions. It holds the title to the vehicle. The lender may be willing to make arrangements for an heir to take over the payments or it may take possession if no heir comes forward. It depends on the details of the particular situation.
Can I sue someone for expenses paid for a funeral if I live in a different state?
Normally you have to sue someone in the particular location where a particular action happened. A funeral is another story. Normally a funeral comes out of the estate of the deceased. That happens before the estate is divided after the estate is probated. Normally the contract for payment for funeral expenses is signed at the morticians office before the funeral. That legal document would be the basis for your lawsuit. You can check with a local lawyer in your area, but you might need to go to the place where the contract for payment for the funeral was signed in order to sue someone.
What happens if the policy holder dies?
If the owner of an insurance policy is deceased then is should be listed as an asset when it comes to distribution. If the insured dies, then any value would be passed on to any listed beneficiaries.
What if the executer has no money to pay deceased debts before the estate is settled?
It would depend on the debts, example if a credit card debt. Why would you pay it. If it where a car it could get repo'd. In my fathers estate we did not pay any credit card debts we just sent them a copy of death certificate. And the banks worked with us on a car we needed to sell for the estate. You will find lenders do have a heart when it comes to these matters.
When it comes to settling estates of the deceased can they touch any monies left to the kids of the deceased.?
When an estate is probated the debts of the decedent must be paid before any property is distributed to the heirs. If the decedent had a large amount of debt that can wipe out any money that should have been distributed to the children. You should consult with an attorney who can review the situation and determine if there are any options.
Who has to pay federal estate tax?
The federal estate tax is paid by the estate of the decedent not by the individual beneficiaries. Of course, each share of the beneficiary will be reduced by the appropriate percentage of interest in the estate when time comes for distribution. So, the money eventually comes out of the pockets of each beneficiary.
What happens if an estate is inherited but another bill comes in?
Once the estate has been properly distributed, late creditors are out of luck. They would have to prove the probate was improper, e.g., failure to post notice and wait the statutory periods, etc, at which point the executor/administrator can be held personally liable for payment of the bill that the estate properly owed.
Can you pay a deceased IRS tax bill using your own personal checking account as opposed to an estate account?
Generally speaking, the IRS does not care where the money comes from. However there are several issues with doing this. The abililty to prove what it was for is one. The process to straighten it out if there is a mistake is another.
