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What happens if an executor does not have the funds to pay off deceased bills?
Wiki User
∙ 13y ago
The executor's duty is to apply the deceased's assets, to the extent that it is possible towards meeting the deceased's liabilities. In the even of insufficient funds, after funeral and testamentary expenses - typically costs incurred post mortem, the outstanding bills are paid pro rata. The heirs, especially dependent spouses and children would get nothing.
Effective estate planning would reduce the possibility of dependents being left high and dry.
Wiki User
∙ 13y ago
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Can an executor remove funds from a deceased bank to put to the will before closing the account?
yes that is the legal way of handdling the matter
When does the executor distribute funds from a probated will?
The executor of a probated will should distribute the proceeds of the will after it is settled in probate court. Some states have laws in place that state a certain time limit for the funds to be issued to heirs.
If an executor finds that money was removed from the deceased bank account just prior to death by a relative can you request return of money and if so can you forgive any portion that is unretrievable?
An executor has no legal authority before a person death, nor can such authority be retroactive. If someone held a POA, that person might be able to recover funds that were taken from the account depending upon the circumstances. If the funds were withdrawn without permission of the account holder and signature(s) were forged or a debit card used criminal charges could be forthcoming if a complaint is filed by the deceased's surviving family members.
Can the executor disburse funds from the estate?
Yes that is their main job. If there is a will it should tell the executor where and when to dispurse the funds.A:Yes, but only in accordance with the terms of the will or where applicable, the rules of intestacy.
What are additions to bills to provide funds?
I'll get back to it
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 spend money from the estate to alter a house before he releases it to the beneficiaries?
An executor is charged with acting in the best interests of the deceased and adhere to the stipulations of the will. An executor may acquire money from the estate if: 1. there are specific stipulations in the will that the executor is entitled to funds as compensation for their efforts. 2. The executor is a named beneficiary of the will, a situation that often happens with couples.
Are a deceased parents doctor bills the responsiblity of the children?
The estate is responsible for all the doctor bills of the deceased. The children are not going to be required to pay them from their own funds, but it will reduce what they inherit.
Can an executor remove funds from a deceased bank to put to the will before closing the account?
yes that is the legal way of handdling the matter
Is surviving spouse responsible medical bills in Michigan?
The estate is responsible for all the bills of the deceased. The spouse will be required to pay them from the estate funds.
Can a relative get funds from a deceased relative if they have a death certificate?
No, the relative would need to be included in the will, be named as a beneficiary or power of attorney, or be owed money by the estate. The executor of the estate will be in touch if any funds are available.
Can the executor withdraw money from the deceased CD?
They are certainly able to do so. There has to be a full accounting of the funds in their control. They may need to pay off debts of the estate.
What are the general duties of the executor of a person's estate?
The executor serves as a primary decision maker in carrying out a deceased person's will. This includes but is not limited to paying off taxes, distributing goods or funds to beneficiaries and filing appropriate legal documentation.
Do you have to use life insurance to pay deceased spouse medical bills?
== == The recipient likely will not care how the bills are paid. You can use any legal funds available to pay any such costs.
How long after death does an executor have to wait for medical bills before dispersing funds?
He has to advertise for at least 90 days. And he has to contact the hospital directly to inquire about outstanding debts.
If you have a client who dies how do you find out who to send the bill to?
Address the bill to the executor of the deceased's estate at the deceased's home address. Sooner or later, the bill will be passed to the executor and will then be sorted out. e.g. The Executor of the Estate of Mr Joe Bloggs 123 example street AC23 4QZ --------- This may take some time, because they need a probate certificate before they can actually start dividing up the estate. But don't worry, even if the last will and testiment leave funds to a specific individual, as a creditor, you have a higher claim to the funds than those named under the will.
What recourse do benefiers have if the executor does not distribute the funds?
File a lawsuit against the executor for not following the law.
