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There should be no remaining assets in the estate once it has been closed. All the property should have been distributed according to the Will or according to law.
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What is a closed estate?
A closed estate would be one where the probate processs has been completed and the assets have been distributed.
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
What happens if the estate and money left in a will of a deceased is in percentage?
In fact, this is how most wills are set up. They pay out a percentage of the estate. For example, if the estate was worth $100,000.00 and a beneficiary was to receive 15% of the estate, they would receive $15,000.00.
What does a real estate do on tiny tower?
A real estate on tiny tower would move a bitizens into any apartment you pick. If the apartment is full, then nothing happens.
What happens to moms furniture if it is in a house that you own and there is no will who gets the funiture?
The estate gets the furnature. The executor of the estate will then distribute it according to the intestacy laws once the debts are resolved.
What happens to the remaining assets in a closed estate?
If any undistributed assets remain in the estate then the estate must be reopened and an estate representative must be appointed by the court.
Is the executor of an estate finished once the estate is closed?
Once the taxes are paid and the estate closed they are done. Most of the time the court will issue the order closing the estate.
What is a closed estate?
A closed estate would be one where the probate processs has been completed and the assets have been distributed.
Can you respond after the estate has been closed?
There is a statutory period of time during which you may respond to notice of the probating of an estate. Once the estate has been probated and closed it is too late.
If an estate is closed and two years later the deceased comes into money what happens to that money?
The estate would need to be reopened and the funds would pass according to the terms of the will or by the laws of intestacy if there was no will. A fiduciary would need to be appointed to represent the estate and distribute the funds.
Once an estate is closed and the beneficaries are equally deeded the house. Can the exuctrix take money from the sale proceeds to pay other beneficaries not paid before the estate was closed?
if the house is sold can that money be divided before the total estate is closed
You have concluded all of your duties as the Independent Executor of an estate and you need to know How do you terminate the estate and your fiduciary relationship?
Generally an estate is closed by filing the final account for allowance. Once the final account is allowed the estate is closed.
What happens if you die before you file your tax returns?
Yout not really dead until your estate is closed. (Your estate carries on and closes your business affairs, tax being one). Your last tax return is always filed by them, after your death, before any of your estate can be distributed to anyone else.
Can a executor get paid their fee if the estate is not approved but its closed?
Generally: Yes. Paying their own fee from the estate, as well as distribution, must be done before the estate is closed. The executor's fee is set by law and will appear in the final account. As long as the fee is properly assessed and listed in the final account, the court will approve the final account and at that time the estate is closed. All the executor's duties must be completed before the estate can be closed.Generally: Yes. Paying their own fee from the estate, as well as distribution, must be done before the estate is closed. The executor's fee is set by law and will appear in the final account. As long as the fee is properly assessed and listed in the final account, the court will approve the final account and at that time the estate is closed. All the executor's duties must be completed before the estate can be closed.Generally: Yes. Paying their own fee from the estate, as well as distribution, must be done before the estate is closed. The executor's fee is set by law and will appear in the final account. As long as the fee is properly assessed and listed in the final account, the court will approve the final account and at that time the estate is closed. All the executor's duties must be completed before the estate can be closed.Generally: Yes. Paying their own fee from the estate, as well as distribution, must be done before the estate is closed. The executor's fee is set by law and will appear in the final account. As long as the fee is properly assessed and listed in the final account, the court will approve the final account and at that time the estate is closed. All the executor's duties must be completed before the estate can be closed.
Does the estate have to pay bills that are received after the estate has closed?
If the estate was filed through probate there is a statutory period that varies from state to state during which creditors may make a claim against the estate. Once the estate has been closed you should check with the attorney who handled the estate before paying any bills you receive.
How do you dissolve an estate?
You close out the estate with the court. It requires a final accounting and a complete plan of the distribution. If the court approves, the estate is closed.
Your mother died with no estate and all debts were closed What happens if she had a pending lawsuit that was settled a year after her death Can creditors still collect on the settlement money?
If there is a lawsuit that benefits the estate, the estate will have to be reopened. The creditors can make their claims. The court should not have a problem reopening it in this instance. The creditors can force it as well.
