0
That is the job of the executor. To distribute the estate and liquidate the assets.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Can beneficiaries of a will agree to take inheritances?
Yes, beneficiaries of a will can agree to take inheritances. This is often done through a process called a family settlement agreement or a deed of variation. Such agreements must comply with legal requirements and be recorded properly to be valid.
Does a court appointed executor become the owner of the house when there are 2 more beneficiares?
No, they are responsible for distributing the estate, including the property per the will.
Are executor fees taxable if the executor receives none of the inheritance?
Fees received by an executor are not classified as inheritance and therefore are not subject to an inheritance tax, but they are classified as income, and are subject to income tax.
What is excutor of the will mean?
The executor of a will is the person responsible for making sure the desires of the will are carried out. They are responsible for paying off the debts and distributing the assets. They also have to pay taxes and file the appropriate reports with the probate court.
What are the qualifications for an executor of a will?
An executor of a will is responsible in distributing the property according to the twill. Qualifications for an executor include being over the age of 18, not have committed fraud or wrongfully neglected the estate, not be a business partner if another person with an interest in the business objects, not be subject to a conservatorship and to be a US resident.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Can an adult child be an executor and a beneficiary?
An adult child can be the executor. They can also be a beneficiary. They are required to be impartial when distributing the estate.
When a parent dies are children responsible for a debt they still owe to the parent?
They still owe the money to the estate. The executor may offset their inheritance by that amount.
Does the executor of an estate have to pay the debts of a beneficery with the inheritance of that beneficery or can he just distribute the inherintace an let the beneficery be responsible for paying?
The executor distributes the money to the beneficiaries after the estate's debts have been settled to the satisfaction of the court. Each beneficiary is responsible for what they do with the money. There is no requirement, and it would be detrimental, for the executor to play bookkeeper and accountant and pay of the debts of the beneficiaries of the estate.
Can a credit card company go after the estate of someone whose only income is social security?
If the estate has any assets, they can certainly apply to get their money back. They can place a claim with the executor. The executor is responsible for clearing any debt before distributing assets.
Can an executor spend inheritance money with out consulting the beneficiaries when those beneficiaries do not know the valuje of there inheritance?
The executor can use the money for the benefit of the estate, not for their personal use. They are entitled to payment for their services.
Can you cash an inheritance check and still sue the executor?
Yes. You can sue as long as you have a valid complaint against the executor.
