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If you are executor and there is only money in IRA do you have to take the money out to pay off car loan of deceased?
Wiki User
∙ 14y ago
Or you have to sell the car and settle the loan.
Wiki User
∙ 14y ago
Wiki User
∙ 6y agoYes. The debts of the decedent must be paid before any assets can be paid over to the heirs.
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Who is resposible for the loan if the title is in the deceased name only?
The estate is responsible for the loan. If it is not paid the bank will take the property.
Who can loan you 10.000.00?
i don't think anyone will loan you $10,000.00! only if you know someone rich that is willing to loan you money!
How does a beneficiary know if he has to add this money to an estate?
The only reason a beneficiary would add money to an estate would be if they owed money to the estate at the death of the deceased.
Why is a bank loan a financial asset?
The only way that a bank loan can be an asset is if the loan is less than what the assett is worth. Otherwise I do not belive a bank loan can be an assett. Answer 1: A Bank loan is an asset for the bank because it is money that a customer will repay. Any instrument in which money will be received can be considered an asset. In case of a loan, it is an asset to the bank and a liability to the person who borrowed the money
How do you borrow money from your mothers revocable living trust?
You don't borrow money from it. Only your mother can make the loan.
Can you buy a property of a deceased person that has no executor?
You have to buy the property from someone. And the only person that can sell it is the executor.
Can executor of a will remove a trust?
No, the job of the executor is to follow the directions of the will in settling the deceased's estate. Only a court can change a will.
Is the executor of a will allowed to sell property of the deceased one month after he has passed away?
Only if the will of the deceased asked for this to be done.
Is sister responsible for deceased brother debt if no will?
Without some other duty owed the creditor (ie: cosigner on a loan, executor of estate obligated to pay creditor out of estate assets), there is no responsibility for the sibling of the deceased to pay the debts of the deceased. Further, the executor of an estate has no personal liability to pay debts of the deceased beyond the available funds of the estate. ---- Atty. John Libertine is providing this information for research purposes only, and is not offering legal advice. Licensing information is subject to change.
Is it legal to read a will when the deceased isn't actually deceased?
Only if you are the estate lawyer or have been named executor of the estate. No one else should be allowed to have a copy.
Can a beneficiary use property as collateral if other beneficiaries don't agree?
The executor is the only one that can use it for collateral. It is a big risk, but some will be willing to loan money on probate.
Who is resposible for the loan if the title is in the deceased name only?
The estate is responsible for the loan. If it is not paid the bank will take the property.
Can there be only one co-executor?
No, in fact, you can have as many co-executors as needed. However, as you can imagine, the more co-executors you have, the more complicated administering the estate becomes. I always suggest that only one executor is named, followed by an alternate executor if the original executor cannot act, or has pre-deceased the testator.
Can an executor force a beneficary to release monies left to them?
The monies are not the property of the beneficiary until the executor has released them. Any assets of the deceased have to be provided to the executor for inventory and valuation. Only once the debts have been settled can things be released.
Is the executor the only one to pay out money to settal the estate?
The executor is the only one that can authorize payments. In most cases they are the only ones with access to the assets.
Your aunt loaned you money then dies Can her husband collect this money?
Answer 1.He has a moral right to her estate and you are morally obliged to pay it Answer 2. Answer 1 is correct as far as it goes, but this is not only a moral issue, it is also a simple legal issue. You owe this money to her estate. Your aunt's executor can collect it, and can sue you for it provided that he can prove that the loan was made and you can't prove the loan has been repaid. The executor must then pay it over to the beneficiary under her will. If there is no will, her husband is the beneficiary.
If a person is married is the executor of their will responsible for paying there bills?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party. He or she also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. The executor can be almost anyone but is usually a lawyer, accountant or family member, with the only restriction being that he or she must be over the age of 18 and have no prior felony convictions. Source: Answers.com
