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Is it the legal responsibility of an executor to pay all debts of an estate from money in accounts and life insurance prior to settling will?
Wiki User
∙ 14y ago
Yes, that is the executor's responsibility. He has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
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.
Can you be made to get a life insurance policy with your ex as the beneficary?
this may not be uncommon in settling a divorce. It generally involves protecting the welfare of children from the ending of a marriage.
Is the executor respondsible for debt when there is no money left in the estate?
No. The estate is responsible for the decedent's debts.However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.
If you are not late on your payments which is worse on your credit being on a debt program or settling with the creditors?
If you are not late on your payments, why would you be in a debt program or settle with creditors if you are paying your accounts on time? Either option would indicate that you cannot pay your accounts properly. Both would cause significant deductions in your credit score. The exact impact would depend upon the specifics of how the accounts are handled. If these are your options, the determining factor may be your participation in the process. No one will ever care about your finances, credit and future the way you will. If given a choice between handing over control to a debt program, or settling accounts myself; I would retain control everytime. I wish you luck!
If a house is not paid off and is left to an heir what are their responsibilities?
The mortgage is a debt against the estate which must be satisfied before the heir receives anything. If there is enough cash in the estate, the mortgage can be paid off and the heir will get the house. If not, the house will need to be sold, and the proceeds used to pay off the mortgage. If there are not enough assets in the estate to pay off the mortgage, there won't be anything left for the heir. It is the responsibility of the executor of the estate to see to all these transactions and to deliver the proceeds--what's left after settling the debts--to the heir.
Will homeowners insurance cover replacement windows that sagged due to settling?
Settling of earth is not a covered cause of damage. For this reason, the homeowner's insurance will not cover replacement of the windows. This is a maintenance issue that is your responsibility as the homeowner. Maintenance is never covered by the homeowner's insurance. Sorry.
Can you give a sentence for the word executor?
The executor had no idea how much work was required in settling an estate.
Can a beneficiaries change locks on the property with out notifying the executor?
The executor can certainly protect the estate from unauthorized access. Changing the locks is one way of insuring that family members don't spirit out things, cause ill feelings and make it difficult.
If the Will contest is dropped placing the Executor as the sole Owner can they refuse to take possession and continue to act as Executor for the Deceased?
The construction of your question reveals much confusion regarding the probate process. The withdrawal of a Will contest does not make the executor the owner, it allows the court to appoint the executor. A person is not the legal executor until they have been duly appointed by the probate court. Once appointed the executor has the authority and responsibility of settling the estate without any interference by the beneficiaries.
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.
If a person leaves his estate to his spouse but someone else is the executor does the executor have any responsibilities in executing the will?
The estate must be probated if the decedent owned any property in their sole name. The executor must be appointed by the court and then has ALL the responsibility of settling the estate. The assets must be collected and an inventory filed with the court. The debts must be paid before any distribution can be made. The creditors are given a statutory period during which they may make a claim. That period varies from state to state. No distribution can be made until that period has passed. The executor has full and exclusive control over any property owned solely by the decedent. Therefore, only the executor has the authority to close bank and investment accounts and accept insurance proceeds for any insurance policies owned by the decedent that did not list a beneficiary. The executor must file an estate tax return even if no taxes are due. Finally, a final account must be filed with the court that lists all the real and personal property and where it went.
What is the responsibility of an executor in a will?
An executor is the person (or people) who is/are responsible for settling the details of a deceased person's estate (ie debts, taxes, cost of the funeral arrangements and applying for a grant of probate) and after all the above are settled, distributing the residue of the estate as laid down in the will. The executor could charge a fee for doing this job and should keep good records of what has been done
What is the meaning of an executor and responsibility?
An executor is the e person who is responsible for settling the details of a deceased person's estate. There can be a single executor or one or more people charged with this job. An executor can be related to the deceased person, can be a friend or a lawyer, accountant, or other professional. The main requirement is that the person chosen as executor be at least 18 years old and have not been convicted of a felony. If you have been named the executor of someone's estate, you have been given a job of great responsibility. Some of these responsibilities include: paying creditors and taxes on the estate, notifying social security and other agencies of the deceased death, canceling credit cards among other things, and distributing the assets left in the estate.The executor of an estate has tremendous responsibility from small tasks to large ones. the executor of the deceased's estate must make sure all of the deceased's taxes and debts are paid, and then distribute what is left to the appropriate beneficiaries. The executor has a "fiduciary duty" to act in a manner of good faith and impartiality in making sure the wishes of the deceased are carried out to whatever extent possible
Does homeowners insurance cover replacing windows that failed due to house settling?
No. Settling is not a covered cause.
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.
Can the executor of an estate over ride the wishes of one of the beneficiaries?
Yes. Once an executor has been appointed by the court they have the authority to settle the estate according to the provisions in the will and according to the state probate laws. Every executor has some degree of discretion in settling the estate and they have the final word. If the beneficiary has a bona fide complaint about an executor's decision they can file a motion for the court to render a decision on the matter.Yes. Once an executor has been appointed by the court they have the authority to settle the estate according to the provisions in the will and according to the state probate laws. Every executor has some degree of discretion in settling the estate and they have the final word. If the beneficiary has a bona fide complaint about an executor's decision they can file a motion for the court to render a decision on the matter.Yes. Once an executor has been appointed by the court they have the authority to settle the estate according to the provisions in the will and according to the state probate laws. Every executor has some degree of discretion in settling the estate and they have the final word. If the beneficiary has a bona fide complaint about an executor's decision they can file a motion for the court to render a decision on the matter.Yes. Once an executor has been appointed by the court they have the authority to settle the estate according to the provisions in the will and according to the state probate laws. Every executor has some degree of discretion in settling the estate and they have the final word. If the beneficiary has a bona fide complaint about an executor's decision they can file a motion for the court to render a decision on the matter.
Can the executor of the estate chose what gets sold and what doesn't without asking beneficiaries if they want it?
The executor has a great deal of leeway in settling all debts. He has to come up with assets to clean up the debts before distribution.
