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Is there a time limit after a person dies to when the executor has to distribute or sell the assets listed in the will?
Wiki User
∙ 14y ago
Not specifically. The executor has to settle the estate and report to the court on a quarterly basis with a full report. In some cases it can be done in less then a year, on others, depending on the terms of the will, it can take decades.
Wiki User
∙ 14y ago
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A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
What must be done if a person dies without a will?
The estate is opened and an executor appointed. They must distribute the assets in accordance with the jurisdictions intestacy laws.
Grant of probate?
A grant of probate is a legal document issued by a court that confirms the validity of a deceased person's will and gives authority to the named executor to administer the estate according to the terms of the will. It allows the executor to collect and distribute the assets of the deceased individual in accordance with the law.
If an executor does not distribute the assets can those included in the will force the executor to do so?
First, remember that the executor must be appointed by the court. A person named in a will is not the executor until the will has been reviewed by the court and the court has appointed the executor. If an executor is not carrying out their duties the heirs should complain to the court immediately and ask that the executor be replaced.
What is the executor of a will?
The executor of the will is the person appointed by the court to distribute the estate according to the terms of the will and the state probate laws.
Who is at fault if bank gives money to executor instead of beneficiary?
No one is at fault as the bank followed the law. The Executor is the person who should get the money. They are responsible to collect and value the estate and its holdings. Once inventoried and debts cleared, they can distribute the remaining assets to the beneficiaries.
Can my sister treat my deceased mom s accounts as her piggy bank and ignore the Will?
No. She would be violating law- stealing the assets of the estate. Someone must submit the Will to the Probate court and petition to be appointed the executor. Once appointed, the executor is the only person who can access and take charge of the assets of the decedent. They will have the authority to distribute the assets according to the provisions in the Will after the decedents debts have been paid.
What are the executor's responsibilities re sharing knowledge of deceased person's assets in detail prior to distribution?
The executor has to inventory and value all assets. They have to provide a full accounting to the probate court.
Can the executor of the will take what she wants without informing the beneficiaries of what she is taking and throwing away the things she doesn't want without our knowledge?
That is an interesting question. In most cases the will dictates who is supposed to get the assets of the deceased person. In some cases, there are items that are not addressed. If the executor takes possession of something that is addressed in the will and does not distribute it as directed, then there is a violation of law and there could be civil or criminal charges filed. IF the items that are in dispute are not addressed in the will, a good executor will facilitate a process to divide those assets.
Is an executor of an estate the same as an beneficery?
NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.
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.
Can an executor find ways to keep one of his sibling from receiving an inheritance as outlined in the will by directing executor fees toward that sibling's allotment or other methods?
An executor must adhere to the instructions outlined in the will and distribute assets according to the deceased person's wishes. Using executor fees to reduce a sibling's inheritance or manipulating the distribution of assets would likely be considered a breach of fiduciary duty and could result in legal action against the executor. It is important for the executor to act in a fair and transparent manner during the estate administration process.
