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They should be reported to the court that made the appointment and they should be prosecuted criminally.
What should happen:
If it is determined that an executor has been hiding assets the probate court should enter a judgment to
- Remove the executor from office;
- Appoint another fiduciary (usually the alternate executor named in the will) to take his/her place;
- Order the removed executor to turn over all assets, records and other information of the estate to the newly appointed fiduciary within a stated period of time;
- Order the removed executor to file with the court an accounting of all transactions that the removed executor has made to date;
- Order that the removed executor forfeit all or some of the commissions due to him for handling the estate.
- Order any other type of relief that may be just or equitable under the circumstances.
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∙ 12y ago
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What happens if the executor listed in the will can not be found?
The court will appoint an executor. That is often an attorney or a bank.
What rights does a sibling have to ask to see deceased parents bank accounts from the executor?
yes he/she is allowed
My mother died leaving me her executor. She had several bank accounts left itf for her children. Are these funds part of the estate?
Yes, the bank accounts are a part of the estate. The need to be valued and included in the assets.
What happens if the executor of an estate refuses their position and makes the next of kin executor?
Happens all the time. No big deal. The executor, whomever it is, fulfills the duties are required by law. And if no one 'wants' to be the executor, the court will appoint someone to do it, usually an attorney or a bank.
How does executor of a will access a checking account?
First they need a letter of authority from the court. They present that to the bank and will be able to access the account.
Can an executor find out how much money is in deceaseds bank accounts?
Yes, once they have been appointed by the probate court and Letters Testamentary have been issued. Take your Letters Testamentary to the bank with you. That document gives you the legal right to access the decedent's assets including bank accounts.
What happens in Missouri when the executor of a will is incarcerated?
The court will not usually appoint someone to be an executor if they are incarcerated. The court can appoint anyone as the executor and will often appoint a bank or lawyer to take care of the estate.
What happens in Texas when the executor of the will was incarcerated for a felony?
The court will not appoint someone to be an executor if they are incarcerated. The court can appoint anyone as the executor and will often appoint a bank or lawyer to take care of the estate.
How can you obtain bank records as executor of estate?
An executor must be appointed by the probate court. The court will issue "Letters Testamentary" and those letters give the executor the legal authority to access the decedent's assets. You will need to provide the bank with a copy of your Letters Testamentary in order to collect the balances and close the accounts.
Your mother died and you are the named executor in her will can you obtain funds in her account?
You must file the will for probate and petition for appointment as executor. The court will give you the authority to access the bank accounts once you have been appointed.
I have couple of Bank accounts in US My wife is the nominee for that account. What happens if both me and my wife die?
The bank accounts become a part of the estate.
Bank Confirmation Letter?
Get StartedOne of the executor's responsibilities in probating a decedent's estate is that of gathering the decedent's assets. The executor must collect and inventory the decedent's assets that are subject to probate. Tasks involved in gathering the decedent's assets include reviewing records to identify all of the decedent's assets; determining which assets are subject to probate; taking physical custody of probate assets; valuing the assets; and filing an inventory listing with the probate court.One of the most common assets owned by a decedent is an account at a bank or other financial institution, such as a credit union. The decedent may own a variety of different types of accounts held by a financial institution. For example, a decedent may own checking accounts, savings accounts, money market accounts, or IRA (Individual Retirement Account) accounts to name a few of the more common types of accounts.The Bank Confirmation Letter serves a couple of different functions. First, it allows the executor to verify the existence of accounts held by the financial institution. It also helps the executor determine the exact ownership of the accounts. If the account is held jointly with another individual, the account may or may not be subject to probate. Similarly, retirement accounts are not subject to probate. Therefore, it is important for the executor to be able to identify the types of accounts owned by the decedent and in whose name the accounts are held. This confirmation letter allows the executor to fulfill this duty.Another of the executor's asset gathering responsibilities is valuing the decedent's assets as of the date of the decedent's death. Most bank accounts are generally valued at the face amount of the account because of the ability to immediately liquidate the account, such as with a checking or savings account. This confirmation letter allows the executor to value the accounts as of the date of the decedent's death, including interest accrued on the accounts as of the date of the decedent's death but not yet posted to the account by the financial institution.The executor is also responsible for inventorying the decedent's assets. This confirmation letter allows the decedent to gather information for all of the accounts held by the financial institution where the letter is mailed. The executor may or may not have all information concerning accounts owned by the decedent. Even if the executor does not have information about all of the accounts owned by the decedent or the account numbers for all of the accounts, the executor can send this letter to financial institutions where the decedent may potentially have held accounts. This gives the executor the ability to locate assets or which the executor did not have prior knowledge.Accounts at financial institutions continue to earn interest after the decedent's death. Such interest is income to the estate that the executor must report on the estate income tax return. The confirmation letter assists the executor in obtaining information about accounts owned by the decedent, which in turn become assets of the estate. The executor can then keep track of the assets of the estate that will produce income for the estate that must be included on the estate's income tax return.
