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Is the executor of the will responsible for debt in excess of value of estate?
Wiki User
∙ 14y ago
No, the executor is not personally responsible. The estate 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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Does an heir sibling to an estate have a right to enter estate after death of a parent if they are not the executor?
They do not have that right. The executor is responsible for the property and can allow, or not allow, access to the premises. The executor has to inventory the property of the estate and value it before distributions can be made.
Is the executor of an estate paid on full value of house or what is owed?
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves 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 the executor of a property raise the rent while still in probate?
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
If an estate property requires significant repairs who pays for them the estate or the person inheriting the property?
The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.
How does the attorney or executor split the money of the deceased that did not leave a beneficiary name?
They will do it according to the law. Each state or jurisdiction has a law that specifies how it is distributed.
What is the lawers responsibility over executor over estate?
The lawyer serves as an advisor. They assist the executor with the handling of the estate. They can recommend people to value the estate as well as tax advice.
What the role of an executor of a will?
They are responsible to execute the will and the laws associated with probate. That means they have to inventory and value the estate. After they pay any debtors and taxes, they distribute the remainder as the will directs.
What date is used to value an estate for calculating the executor fee?
An estate is the total value of all your assets at the time of your death.
Will you need to pay estate taxes?
That will depend on the value of the estate. The executor will have to file a tax return with the IRS for the estate.
How do you find what an estate is worth?
That is the responsibilty of the executor. They have to value the estate before they can resolve debts and distribute the remainder.
