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Should a solicitor notify beneficiaries if an executor owes money to the estate?
Wiki User
∙ 15y ago
Generally, an executor is in a fiduciary position and thus prohibited from using the assets of an estate for personal use. It should be reported to the court immediately.
Wiki User
∙ 15y ago
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Does the Executor answer to the beneficiaries?
The executor should operate in the estate's best interests.
Does the executor fee continue as long as the estate has property?
Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.Yes. As long as the estate is open the executor has a right to the executor's fee. However, they cannot dally. The estate must be handled with expediency or the beneficiaries should complain the the court.
Can a solicitor and executor of an estate access emergency funds for the beneficiaries?
It will depend on the laws of the state in question. In some cases the will may make allowances for that.
Does the executor receive the estate in the UK?
No, the beneficiaries receive the estate. An executor could be a beneficiary
Can an executor sell house against wishes of beneficiaries if liquidation of the house is not necessary to cover estate expenses or taxes?
If the power to sell real estate was granted in the will then the executor has the power to sell it. However, if ALL the beneficiaries agree that the property should be retained they should insist the property not be sold. Remember that the beneficiaries own the real estate. If the executor proceeds to try to sell the property the beneficiaries should petition the court to review the matter ASAP.
What information should be included in a letter from the estate executor to the heirs or beneficiaries of an estate?
Only you know what you want them to know.
What are the Beneficiaries rights in an estate?
"Rights" may not be the appropriate term. A beneficiary has a "claim" to the estate, arising from their inclusion in the will. Anyway, to get to your question, a beneficiary should be given a copy of the will, so that they may view their entitlement, and the entitlement of all the other beneficiaries. Also, the Executor should contact you and inform you of their progress administrating the estate. As a beneficiary, you may have legal recourse if you do not think the Executor is administrating the estate correctly.
You have an executor who has been advised of a parcel of shares by the beneficiaries and has changed them into their name but will not distribute the proceeds nor talk to the beneficiaries what can we?
You can report the behavior of the executor to the court and request they be replaced. The executor should be available to the beneficiaries and should provide answers to any questions about the execution of the estate. If they will not distribute the proceeds they should provide an explanation. Perhaps it is too soon. If so, they should explain the timetable for distribution. You should call the attorney who is handling the estate for an explanation.
Can the executor of an estate give permission to his friends to access the estate property and can beneficiaries do the same?
The Excutor is responsible for damange to all property, keeping records of spending for funeral costs, etc., out of the Estate. Technically, the only people that should be allowed on that property is the Executor and the beneficiaries or a real estate agent. Eventually the Will goes into Probate where all creditors will be paid off, all property taxes, personal taxes, etc., and what is left in the Estate will be divided amongst the beneficiaries. It is also customary for the beneficiaries (if not mentioned in the Will) to give 1 1/2% - 3% (can go up to 5%, but a judge would question this) to the Executor of the Will. Being Executor can be a tough job and lots of red tape even if the Estate is on the small side. If the Estate is small then 1 1/2 - 2% is customary, and if it's a large percent then 2 1/2% - 3%. The Executor can have friends on the premises, but is 100% responsible for any damage or missing articles from that Estate. The Executor should let the beneficiaries know, and thus, the beneficiaries should let the Executor know if they have friends on the property. It's a good idea to take a video of each room, any jewelry, art, etc. before anyone goes onto the property besides the Executor or beneficiaries.
What is Alabama state law on the power of Executor over the beneficiaries?
The executor has no power over the beneficiaries. The executor is responsible to the probate court for the administration of the estate. They must make a full accounting to the court.
Do you have to be a resident of the state of NC to be executor of an estate of a parent?
There are no residency requirements for being executor. The beneficiaries do have to be citizens of the US.
If an executor of a Will inform beneficiaries of the contents b4 the testator is deceased and this leads to pressure on the executor or on the other beneficiaries to do deals what does this mean?
The executor is breaching their duties. They have no control over the estate prior to the testator's death.
