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Is a executor of a will responsible for all the bills of a estate?
Dps4993
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.
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∙ 14y ago
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Who is responsible for your tax debt after your death?
The estate is responsible for the tax debts of the deceased. That means before the estate can be settled, all debts, including taxes, have to be cleared. If there is not enough in the estate to cover them, they may not get paid.
If someone owes taxes a dies what happen next?
This is a very interesting question. If someone dies and owes money to the IRS, the Executor (the person who takes responsibility for the deceased person's estate) is then responsible for settling the person's debts (using the deceased person's estate, not their own money or assets). The Executor is responsible for collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims. The money in the estate must be used to pay off the person's debt. If, however, the deceased person does not have any money in the esate to be able to pay off the tax liability, the debt DOES NOT transfer to the Executor UNLESS there was a joint liability with the deceased (if the Executor is the widow or widower of the deceased, and the two had filed joint returns, the liability will be assessed to the Executor). Otherwise, the Executor will need to contact the IRS, provide a death certificate and evidence that the estate is unable to pay off the liability. The debt should then be canceled once and for all. For information on claiming a refund for a deceased person, you'll need to file a Form 1310. You can visit the following link to the IRS website for more information: http://www.irs.gov/taxtopics/tc356.html If you'd like to contact me with more tax questions, visit my website: http://www.taxreliefsolutions.com Thanks! Brent
Can executors after collecting debts owed to estate to the best of their ability legally write off debts that individuals cannot pay back Ontario Canada?
Yes they can. When the person is deceased their estate goes to the Executor (male) or Executrix (female) and they make sure all personal/property taxes and creditors are paid off. You can go into any book store and get a "Probate Book" or even go on the internet and get the forms. Of course when you take the Probate forms in they almost always fail you the first time (cash cow method) but, be patient, the second time around you'll get through OK. It can take 8 months to a year for the Probate to go through. The Executor/Executrix can pay electric bills, phone bills, etc. (every monthly bill), but the bulk of the Estate has to go to probate. If the debt is worth more than the total Estate then the creditors are out of luck! Marcy
Who is responsible for filing taxes if there is no estate?
If there are taxes that need to be filed, there needs to be an estate. That allows all debts to be resolved and closed. The court has to approve all distributions and payments.
Can the executor of an estate sell assets of that estate even if those assets have stated beneficiaries if the executor needs cash to pay taxes?
Yes. Payment of debts takes priority over other bequests. In most cases, the second requirement of a will says to pay all debts including taxes (the first being to pay for funeral and medical expenses.).
Is surviving spouse responsible for medical bills in NJ?
Only if she is the executor of the estate. The executor is responsible for all estate debts.
Is the executor responsible for paying all taxes on an estate?
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
Does an executor have to pay old medical bills in TX?
The executor's job is to settle the estate. That includes resolving all of the estate's bills, from the estate, not their own pocket.
Your father had no will are you responsible for his medical bills after his death?
Well, not you personally. But your father's estate will have to settle the outstanding liabilities. If your family cannot agree on a executor, the court will appoint one. The executor's job is to see that all bills are paid prior to distribution of the estate to the heirs.
Your dad passed are you responsible for his medical bills?
Depending on the jurisdiction, the executor of the deceased person's will is generally responsible for paying all remaining bills from his estate. So if you are your father's executor (and the executor is normally named in the will) then you are usually responsible for paying his debts which will often include his final medical bills. There may be exceptions depending on the location and other circumstances. I'm not a lawyer; I don't even play one on TV. Consult a lawyer specializing in estate law.
Is the estate responsible for medical bills after death of the person?
Yes. The estate is responsible for all debts, including medical bills.
Do all keys have to be handed to the executor of a will?
The executor is responsible for all estate property. They control who has access to that property. It is common for them to collect the keys or have the locks changed to preserve the estate.
Is surviving spouse responsible medical bills in Michigan?
The estate is responsible for all the bills of the deceased. The spouse will be required to pay them from the estate funds.
What can you do when all heirs to an estate are willing to sell the property except for one and he is the executor of the estate?
The executor is the person responsible for the estate. That includes making sure the property is sold for a proper amount.
Can an executor fix home with estate funds?
If the home is a part of the estate, they certainly may do so. The executor is responsible for all the assets of the estate. That would include reasonable repairs to a home.
What powers does an executor of a will have?
The executor has specific powers under the laws in every jurisdiction, once they have been appointed by the probate court. The testator can grant additional powers such as the power to sell real property without a license from the court.
If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
