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In New York are the executors and beneficiaries of an estate responsible for the deceased individual's credit card debts if the executor-beneficiary was not on the credit card account?
Wiki User
∙ 18y ago
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.
Wiki User
∙ 18y ago
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Can executors fee be put on settlement statement without prior approval of all beneficiaries?
Yes.
How can i obtain a copy of a dead person's will as i am a beneficiary of the estate?
How do you know that you are the beneficiary if you do not have a copy of the Will! Wills are usually lodged with solicitors or with the executor(s) of the Will. The executors must have the original Will document and are responsible for putting the Will/Estate through probate. At this point the Will becomes a public record (that anyone can see) and the executors are then supposed to divide up the estate as specified by the will, ensuring the beneficiaries get their legacies. I no will can be found, then you countries "intestate" rules will apply regarding beneficiaries of the estate.
Should beneficeries be advised of change in executors?
The court must make the appointment and the beneficiaries should be served notice.
Can a beneficiary be deleted by the executors of a will?
No. The executors' duty is to follow the instructions set out in the will. They can't voluntarily remove a beneficiary, however it may be that debts incurred by the estate reduced the amount to be distributed. Some of the beneficiaries may not receive anything due to this.
Are executors responsible to personally pay for debt on a will?
No, the executors are not personally responsible. It is their duty to value the estate and resolve 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.
Can you contest the executor fee?
Executors have a big responsibility and do a lot of work behind the scenes that the beneficiaries don't generally realize. Executor's fees are set by statute for that reason. Greedy or angry beneficiaries wouldn't pay them if they weren't required to.
What is a blind trust fund and how long do you have to keep it in order to get out of it?
A trust in which the executors have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust.
Are executors of an estate who are also beneficiaries required to provide the other beneficiaries with an annual report?
Yes, you can request this through the lawyers. Executors (males) Executrix (female) are performing a duty and they have to account for every cent in that Estate. If the beneficiaries want to know what is going on they should not only have a copy of the Will given to them, but the Executor should be keeping some type of bookwork or journal as to what outstandings bills they are paying for the deceased. NOTE: Jewelry and personal effects of say the mother going to her daughters can be distributed before Probate. Marcy
A silver dollar collection was found and the executors want to inventory it but two of the beneficiaries are objecting is it acceptable for the executors to inventory it anyway?
The beneficiaries have no authority as to how an estate is to be handled. That is the duty of the executor or executrix who will be held personally and legally accountable to the court for all assets and property belonging to the deceased. Therefore the executor has a legal obligation to inventory ALL property and assets and to accurately enter them into the probate filing of the estate.
Can executor who has grant of probate distribute the estate between other executors and beneficiaries?
That is the job of the executor. They have to inventory the estate, value the property, resolve debts and then distribute the remainder.
What happens in the UK when two executors do not agree?
When co-executors cannot agree then they each need to have their own attorney (or solicitor) and then allow the attorneys to complete the proceedings. Generally, an attorney will not allow the client to impede the process unnecessarily. Generally, the attorneys will be paid by the estate so it benefits the estate for the co-executors to act reasonably and responsibly to preserve the assets that will eventually pass to the beneficiaries.
What if named executors not fit to handle affairs due to alcoholism and financial exploitation?
The other beneficiaries can protest the original appointment. The court can always appoint someone else to be executor.
