0
What if you are the sole executor of your mothers estate what does that mean?
Wiki User
∙ 15y ago
You would be the executor if you were appointed as such by the probate court. Simply being nominated in a Will isn't sufficient. It means that you are the person who is charged with the fiduciary duty to classify and pay debts, file appropriate tax returns, and ensure that assets get distributed to the beneficiaries under the Will.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is the sole beneficiary of a will entitled too?
The sole beneficiary is entitled to any assets remaining after the estate has been probated and the debts of the estate have been paid.
What is a sole trader organization?
Sole proprietor
What are the characteristics of a sole trader?
what are the major characteristics of a sole properitership what are the major characteristics of a sole properitership
Principles of sole proprietorship?
what is the prinicples of sole proprietorship
What are the functions of management of sole proprietor?
Function of sole proprietor
What is a sole executor?
Sole executor is a single person. They are responsible for handling the estate. They will report the results to the court.
Can your sister who is listed as an executor along with you also as an executor try to have you removed as an executor on your mothers will?
Yes, she can petition the court to be the sole executor. If there is conflict, the court may very well appoint a third party, a bank or attorney, without a vested interest in the estate. This typically costs the estate money in the form of compensation to the executor.
Can a executor be the sole beneficiary of mothers will in Massachusetts?
As long as the will was properly drafted and is allowed by the court the executor and the beneficiary can be the same person.
Does an executor receive the estate?
The court appoiunted executor has control over the estate in order to pay taxes and debts and distribute the remaining property according to the will. The estate does not become their own property unless they are the sole beneficiary.
What would a sole beneficiary expect to receive?
A sole beneficiary should, in theory, receive the entire estate, minus the fees of the executor.
Can the recognized sole owner refuse to file for judgment of possession just to continue as the executor to the deceased?
No. The executor is required to settle the estate with expediency. Any interested party can file a motion with the court asking it to compel the executor to file the necessary documents to close the estate.
As sole executor of will can you be forced to sell house by the other beneficiaries?
As an executor, you have a duty to sell the house and distribute the proceeds. If you want to buy the house from the estate, you can make that arrangement.
Can executor borrow money from the estate if they are the sole beneficiary?
Yes. I don't think 'borrow' is the right word, however, as the sole beneficiary will be entitled to the entire estate. An 'advance' would more likely be the correct term.
Can executor and beneficiary be the same?
Yes, that is often the case when a spouse dies. It saves the estate money.
If I am the sole executor of my mothers' will does my sister who has power of attorney have to turn my mother's assets over to me?
Yes. The POA expired at the moment your mother died. Your sister has no power over your mother's assets. You need to petition the probate court to be appointed the executor. Once you have been appointed you will have full authority over your mother's assets and the settling of her estate.
In Connecticut can an executor sell real estate to a third party when the sole heir of the real estate has requested to either re-mortgage it or buy it?
In Connecticut, title to real estate passes to the devisees or heirs upon the death of the owner. However, there may be circumstances where the executor is given power to sell the real estate by the testator. Also there are circumstances when the real estate may be sold by the executor, for example, if there are debts to pay. Speaking generally since you did not provide much detail, if it was NOT sold to pay debts of the estate you had the right to keep it and pay for it yourself if it was mortgaged. Especially if you are the sole heir.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
