Probate is the easiest way and the legal way it should go when a Will is left. Probate makes sure that all creditors (banks, charge cards, loans, property taxes and personal taxes, etc.) are paid in full. Whatever is left after the creditors is paid goes to the Heirs in the Will. If there is no money left and debt still owing then the creditors are out of luck and the Heirs are not liable for any monies owing. Marcy
real estate
The executor of the estate is able to sell assets of the estate.
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
The debts of the decedent must be paid by the estate. In fact, the debts must be paid before any assets can be distributed to the heirs.
You have to be 18 to have any real assets to your name.
The estate is responsible for the debts. If the estate has no assets, the creditors will not get paid. If there are not enough assets to pay the debts, the beneficiaries will not receive anything.
I can answer my own question now that I have spoken with a lawyer in Illinois. The answer is yes, I can be the executor of my parent's estate, even though I live out-of-state. Thanks for this forum.
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
The government is not going to get their money. They will have to be satisfied that there are no assets in the estate and that no one else got paid.
The estate will be responsible for the debts. A child is not responsible unless they co-signed for it.
If any undistributed assets remain in the estate then the estate must be reopened and an estate representative must be appointed by the court.
The state will open the estate. The assets will go into a trust for the use of the children. The state will appoint a trustee for the assets and a guardian for the children. They may be the same person.
The executor has a responsibility to preserve the estate. They can remove items for appraisal and sale, but the assets still remain a part of the estate until properly distributed.
Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.Property in probate is maintained by other assets in the estate or by the heirs if they want to keep the property when there are no other assets that can be used for maintenance.
If there is any other property such as real estate then it must be sold to pay the debts. If there are no assets the estate will be deemed insolvent by the court and the creditors are out of luck.
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.