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If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Wiki User
∙ 14y ago
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Wiki User
∙ 14y ago
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Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
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.
Can you cash bonds if sister named executor?
Only the executor has the authority to liquidate assets of the estate.
Is the Executor responsible for paying credit card debt when the debt is being held by a collection agency there is a will the only asset is a home surviving children?
Yes, the Executor is responsible for paying off all the debts, or as many as possible, of the deceased using the assets of the estate. If the house has to be sold to settle the estate, then it must be sold.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Can your sister who is the executor distribute your mom's money whenever probate is over?
Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.
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 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.
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
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 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.
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 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.
Who is at fault if bank gives money to executor instead of beneficiary?
No one is at fault as the bank followed the law. The Executor is the person who should get the money. They are responsible to collect and value the estate and its holdings. Once inventoried and debts cleared, they can distribute the remaining assets to the beneficiaries.
Can an executor be arrested for not paying the debtors?
The executor is responsible for the settling of the debts of the estate. They are to use the assets of the estate to do so. If there are not enough assets, the debtors don't get paid. Unless they have committed fraud, there is nothing to arrest them for.
Is an executor allowed to bar access to a home?
The executor is responsible for the estate's assets. This means making a complete inventory of the house. The inventory must then be submitted to the court. They can protect the assets by preventing access to the home.
