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My fathers estate has no money and I am the executor. How are the bills paid. Do I have to liquidate my inheritance?
Wiki User
∙ 16y ago
It is possible that the Probate judge will see that outstanding debts, especially past taxes, are paid until all funds have been depleted. You may end up with nothing, prepare yourself for bad news. First contact his creditors and try to negotiate with them on the balances, some may even agree to write off his remaining debt.
Wiki User
∙ 16y ago
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Is the executor responsible for distributing inheritance?
That is the job of the executor. To distribute the estate and liquidate the assets.
Can you cash bonds if sister named executor?
Only the executor has the authority to liquidate assets of the estate.
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.
How do I claim my deceased daughters assetts?
Apply to the executor of the estate. If there was no will, you would open the estate with the court, and you could ask to be the executor. You will also have to liquidate all of her debts.
Is it proper for an executor to give away estate property?
The purpose of the executor is to liquidate the estate of the deseased per that person's wishes according to state and federal laws. Part of that may include donating property from the estate, essentially giving it away.
Can the executor of the estate sell the heirs property?
In most cases the executor of a will by law has to liquidate all nonexempt assets to pay creditors. State probate laws determine which property can be sold to pay the deceased's debts. If it is thought an executor is mishandling an estate, the concerned party should seek legal counsel.
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.
Does the executor have to get appraisals done on jewelry that is listed in a will?
One of the most important jobs of the executor is to list all the assets and their values. It is critical in order to liquidate the estate and resolve taxes.
What happens to stock upon death of owner?
It becomes a part of the estate. The executor has to determine their value and either liquidate them or transfer them to the inheritor.
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 an Executor of a will collect money from the sale of the deceased's home in South Carolina?
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.
How does one collect an inheritance?
You need to talk with the executor of the estate. The probate court should be able to assist you in locating who has been appointed as executor.
