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What happen if executor of estate runs off with money from estate?
Wiki User
∙ 13y ago
As long as they have not breached their fiduciary duties, nothing. They take all of the assets, value them, and use them to pay off all debts. If the debts are greater than the assets, the beneficiaries and remaining debt holders do not get paid.
Wiki User
∙ 9y ago
Wiki User
∙ 12y agoIf the executor steals money (takes money he or she is not entitled to) then the same thing happens that would happen with any other crime. If he is caught and someone presses charges, he will be arrested.
Wiki User
∙ 13y agoYou should speak with someone at your local district attorney's office about filing a criminal complaint.
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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.
How much to charge for expenses as executor?
While I am not sure what you mean by "cost to become an executor of the estate," you might find this information useful on the cost to open an estate. To be appointed as executor or administrator of the estate (executors serve is there is a will, administrators serve if there is no will or no named executor,) you normally need to be appointed by the probate court. The exact procedure depends on the state where the estate is probated. This means that you will need to pay a filing fee and might need to post bond (this provides insurance if you skip out with estate funds.) In California the filing fee runs $435.00. You will probably also need to publish notice in a newspaper, this varies depending on the paper where you publish. In my geographical practice area, the publication runs $100 - $200. And of course, there is the attorney to assist you and represent you in court. Again, how and how much the attorney gets paid depends on the laws of your state. Here in California, my fee for ordinary services are set by statute (law.) I only get paid after the probate court approves my fee, generally at the end of administration. And, since you are not the executor yet, you cannot use the estate's funds to start the process. Most attorney's require an advance of costs (filing and publication fees) to get started. OK, so now the good news. In California at least, any funds you spend on opening the probate is considered a "cost of administration." This means that the estate will pay you back before any other creditors. You will need to wait till the estate closes, but you will get the funds back (no interest though.)
As a beneficiary of your grandmother's will does the attorney who is handling the estate have the right to not accept your calls per the instructions of the executor?
You haven't added any details so I must make an educated guess as to why that situation would occur. It would make sense if you are calling too frequently and with unnecessary questions. The probate process generally runs along at its own speed and follows an extremely predictable pattern. Part of an attorneys usual representation of an estate is not fielding a high volume of questions from the beneficiaries. The executor has the authority to settle the estate once they have been appointed by the court and as long as they are progressing with as much expediency as the court process allows then you should direct your questions to the executor. However, you must listen to the answer and be patient as long as the executor is performing her tasks properly. If you have a legitimate concern that the estate is not being handled properly then you can file a motion with the court to have the executor removed and a successor appointed. You can even hire your own attorney to represent the estate. However, in order to be successful, you will need compelling evidence.
Who pays unpaid taxes after a death?
To be clear, before anybody can inherit property from the deceased the following have to be settled in this order:1) Taxes due must be payed2) Debts must be settled3) Whats left gets to be distributed an accordance with the will to the heirs.Note the deceased's Executor is responsible for doing all this (the executor may also be an heir).Also NOTE that unpaid taxes and debts come out of the ESTATE.If the estate runs out of money to do this, potential heirs do not have to pay the deceased's taxes or debts out of their own money. However, they will not inherit anything in these circumstances.
What will happen when the middle east runs out of oil?
they won't have money to improve countries and their citizens' lives
Your brother died tragically your son inherits his estate estate has to be run by an executor until son turns 21 2 and a half yrs Over 100000 in credit card debt What do you do?
After the applicable statute of limitations runs (typically four years on a credit card debt), the creditor will have a tough time collecting. If the creditor sues, you have to plead statute of limitations as an affirmative defense, but it is a good defense. ==Additional Answer== In some states there is a specific statutory period during which a creditor can make a claim against an estate. In Massachusetts, for example, once an estate has been filed for probate a creditor has one year to make a claim. After that period the creditor is barred from trying to collect from the estate. Check your state laws. If there is an executor then the estate must have been filed in probate court. If the creditor has already filed a claim against the estate in probate court then the claim will need to be paid before any disbursements are made from the assets of the estate. The creditor will not need to bring suit to collect and the claim filed will preserve its right to collect.
What differentiates an estate for years from an estate from period-to-period is that estate for years?
And Estate for years would run for a specific time period and is not automatically renewed, where as, an Estate from period to period runs for an indefinite number of periods (Which are usually in 30-day segments).
Why trees are planted next to the motorway that runs close to a housing estate?
rdtrtr
What does bankrupted mean?
When someone runs out of money/ loses their money Its when someone runs out of money while they're STILL in debt.
What happen to mollie?
Mollie runs away
What happens if your ATM card runs out of money?
you put in more money
What can happen if your on your iPad for too long?
The battery runs out.
