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If you have a joint checking account and the other party on the account dies can the executor of the estate have rights to the monies in the account?
Wiki User
∙ 16y ago
It depends on the type of joint account. See this article in Kiplinger's
http://www.kiplinger.com/columns/ask/archive/2004/q0412.htm
for a fairly detailed answer.
Wiki User
∙ 16y ago
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Can the executrix write checks from the deceaseds bank account in order to pay the funeral home utilities on the deceased property etc?
It is improper and maybe even illegal for her to do this. She needs to open up an estate account to put all monies in and then provide a meticulous accounting for any monies spent. If she doesn't do this correctly she could face legal penalties or charges.
How do you get a refund from inherited monies that the company sent to the IRS?
I received an inheritance from my father's estate, and the company withheld 20% in taxes to the Federal Government. How do I enter this on my return in order to get those monies refunded?
What does a credit balance in the purchase ledger control account represent?
Indicates monies owed to suppliers.
Can a New Jersey joint bank account be levied against by a judgment creditor when only one account holder is the debtor?
Yes, joint accounts are subject to judgment levy. The non-debtor account holder must present documentation to the court as to the percentage of funds that belong to them to avoid having their monies seized by the judgment creditor. Generally, the court will freeze the account until a decision is made concerning which monies are subject to levy.
Are bank account balances exempt from attachment by creditors in Illinois?
Only if the account holds exempted funds such as Social Security benefits or similar monies (military, government pension, disability benefits, etc.).
Who can withdraw monies from a bank account if someone has been made executor?
Anyone whose name is on the bank account can access it. The executor can access on behalf of the estate. They will have to show their letter of authority.
Does a spouse have rights to redeem a Certificate of Deposit issued by a bank in the deceased spouse's name?
No, the spouse does not. However, the executor of the estate, which could be the spouse, does have the right. They will have to show a Letter of Authority from the court and account for the monies as part of the estate.
How does an executor of a will administer the proceeds?
Usually there is a bank account set up by the Executor for the Estate of the deceased. Into this account all other bank accounts and savings can be added by the Executor as well as any death benefits payable, Tax credits or returns, etc., and proceeds of sale of the deceased person's house (if applicable). Once all expenses are paid out from the monies, IE cost of funeral, lawyer fees, Executor fees, loans, lines of credit, etc., the monies can be divided amongst the beneficiaries according to the provisions of the Last Will and Testament. This can be done by way of certified cheque, bank draft, money order, or cheque from the Estate account, etc., however the Executor deems appropriate. The beneficiaries are sometimes asked to sign releases after they've received their bequests and after all the monies are paid out, the duties of the Executor are complete.
Can a executor withhold monies from an estate for 6 years?
They would not be withholding money from the estate. They hold the money on behalf of the estate. They do not have to distribute the remainder until all debts and liabilities are resolved.
Would an executor's fee calculation include monies from a revocable trust that has a trustee other than the estate's personal representative?
Generally no because property placed in a revocable trust is not part of a person's estate.
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?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
How can a creditor collect monies owing from a deceased estate when executor ignores claim?
File the claim with the court where the probate has been filed. If the claim is ignored then speak with someone at the court about a motion to compel the executor to pay your claim.
If your parents put monies into a CD or Ira account in your name can your widowed Mother or your brother who is executor redeem them without you knowning?
If my parents put monies into a CD or IRA account (20years ago) in my name, cane my widowed Mother or my brother (who is executor)redeem them without me knowning, or being present? And, or do they have the right to use the money in any other way than to transfer it to me?
If a deceased person's car is wrecked and it does not have insurance is the executor of the estate liable if permission was not given to drive it?
The Estate would be responsible for any damages caused by the accident. The Estate would have to sue the driver who took the car to get back any monies paid.
What happens to monies owed the internal revenue service when a person dies?
The "Estate" (all the properties owned by the deceased) is obligated to pay those taxes, a Lien can be obtained and it can extend to the executor and their property if they are not paid from the proceeds of the estate.
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.
How can one get an accounting of monies in my father's estate when my brother is power of attorney and executor and one believes he stole from estate?
The power of attorney is extinguished upon the death of the principal. An executor must be appointed by a court. The executor must file an inventory of all the assets owned by the decedent at the time of his death. If you suspect your brother of stealing you should contact an attorney who can review your situation and explain your options.
