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What else can I help you with?
Can executors use the money from the deceased bank account for personal use?
No! The executor of a will is responsible to safe guard the assets of the estate. They are also entitled to compensation for their services. They must give a full accounting of the estate to the probate court before it can be closed out.
My sister and I are co administrator of our sisters estate distribition is May 19 we have moved all money into new mma I have a emergency situation can I use a one time amt of the funds in the account?
This questions needs clarification as to whether the executor has a personal emergency or whether the estate has the emergency; whether the executor is or is not a beneficiary and whether or not we are talking about funds in the estate account or still in the decedent' personal account.
Do you have to open an estate account?
There are several reasons. First, the executor is required to collect all assets of the decedent quicjkly and this usually entails liquidating existing bank accounts and securities, which must be put into an estate account. Commonly, an estate checking account and an estate savings account are opened depending on the amount of money involved. Second, an estate account is needed, because as of the date of death, the decedent's accounts are probably frozen depending on state laws. Not even the executor or attorney-in-fact can use a decedent's bank accounts as an estate checking account. The executor may take the appropriate amount out of the decedent's personal accounts, but only to transfer it to an estate account for use for estate purposes, not to make estate related payments. An estate account is necessary because the executor needs to pay for the funeral expense, administration costs and debts. Since, the decent's personal accounts may no longer be used, payments must come from a proper estate account in the name of the estatte with the executor as the person with authority over the funds.
Is a executor liable for any bills?
The executor is not personally liable. They are required to use the estate funds to resolve bills.
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
Can an executor use estate funds to buy anything they desire?
Of course not.
Can the executor take property from the estate for their own use?
The executor is required to execute the terms of the Will. If the Will leaves the assets to the executor, then yes. If not, then no. Exception: executors are entitled to reasonable compensation unless the Will prohibits it.
Is it considered fraud to use mother cc after her death?
More than likey, yes, unless you're an authorized user, joint account holder or executor of her estate.
Can an executor take out a mortgage on the estate to defend it if the house is the only asset and the will is being contested?
That would be their responsibility, to defend the estate. They can use the assets of the estate to do that.
Can the executor sell sisters life estate with no insurance on house or needs repairs?
An executor cannot sell the life estate. If the sister was given a life estate she has the right to the use and possession of the property for life. The property cannot be sold without her written consent.
Can an executor of an estate get reimbursed for vacation days used on estate business?
The executor is entitled to compensation for work done on the settlement of the estate. The use of vacation days is not a factor. Some states specify what is reasonable compensation and list the fees allowed.
Can executor of an estate drive the decease's car?
To limited degree. The executor is required to maintain and make sure the vehicle still runs, so some use is better than it sitting. If it is more than a token use, they should reimburse the estate for the use.
