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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.
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Can an executor make a partial distribution to heirs?
Yes, a partial distribution can be made. This is often done when there may still be debts to be resolved and some reserve must be retained.
Can executor hold back monies when will says estate divided by heirs equally?
The executor can hold back some of the money. This is often done to make sure that all tax liabilities have been satisfied. There may also be court costs and other debts to settle.
Can you sell property with an Executor's Deed?
Yes but it must be done by a duly court appointed executor and according to state laws.Yes but it must be done by a duly court appointed executor and according to state laws.Yes but it must be done by a duly court appointed executor and according to state laws.Yes but it must be done by a duly court appointed executor and according to state laws.
Can the executor refuse your portion of the estate money?
The executor can decline payment. This is often done by a family member serving as executor.
Can a spouse be a will executor?
It is common for a spouse to serve as executor. It is typically done without pay in that case.
Is it common for the lawyer to be executor of a will?
It is often the attorney who is named executor of a will. This prevents the family from fighting over how things are done. Banks are another common executor.
As a executor may you pay myself for work done on the estate?
An executor of a will may be paid for work done on the estate if the will states they are to be paid. Most states will allow expenses to be paid within reason to the executor, but they must show proof.
What powers does a Executor have over the beneficiaries?
The executor has no power over the beneficiaries. The executor is in charge of the estate and all of its assets. They execute the will or the intestacy law and report to the court what they have done.
How soon does an executor execute a will?
It should be done as soon as possible.
Can the executor of an estate in Michigan granted power to sell real estate in the will place it in a trust for the heirs?
Yes, as long as the court concurs. If there are enough assets to cover the debts without selling the property, they can create a trust. This is often done for minors.
Do you get paid to be the executor of a will?
The fees paid to the executor for handling the estate are set forth in the state probate code. Or, it can be done gratis.
Can a heir be forced to sell his share of an estate?
They have a share of the estate. That is not necessarily a share in a specific item or property. The executor sells and the proceeds are distributed per the will. Until you receive the property, you have no control over what is done with it.
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