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The probate court will appoint an executor. It is often a family member or a neutral party.
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∙ 9y ago
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How do you sell stock of deceased parent?
The executor of the estate is able to sell assets of the estate.
What are the executor's responsibilities re sharing knowledge of deceased person's assets in detail prior to distribution?
The executor has to inventory and value all assets. They have to provide a full accounting to the probate court.
Grant of probate?
A grant of probate is a legal document issued by a court that confirms the validity of a deceased person's will and gives authority to the named executor to administer the estate according to the terms of the will. It allows the executor to collect and distribute the assets of the deceased individual in accordance with the law.
Is the Executor of the Will responsible for paying the debts of the deceased?
Yes. That is one of the duties of the executor. The debts must be paid out of the assets of the estate before legacies are paid to the beneficiaries.
Does executor have ruling over sale of house in an deceased estate?
Yes, the executor has the authority to manage and oversee the sale of a house in a deceased estate. The executor is responsible for handling the deceased person's assets, including the sale of property, according to the terms of the will or state laws if there is no will. The executor must act in the best interest of the estate and its beneficiaries.
If a person is married is the executor of their will responsible for paying there bills?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party. He or she also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. The executor can be almost anyone but is usually a lawyer, accountant or family member, with the only restriction being that he or she must be over the age of 18 and have no prior felony convictions. Source: Answers.com
Who is responsible for deceased spouse's debt in Florida?
The estate of the deceased is responsible in Florida. The executor is responsible for listing all assets and debts. The debts are paid and anything left is distributed.
Can an Executor of a will collect money from the sale of the deceased's home in South Carolina?
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.
Am I required to pay my deceased father's bills?
You do not have to do it out of your pocket. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, there are some people who will not get paid, including the beneficiaries.
Can an executor go against the wishes of the deceased when dividing the estate?
Of course not, unless the assets have to be liquidated in order to pay off debts.
Is it possible for personal representative purposely not list all assets on inventory list of deceased estate?
If there is evidence that the executor has not listed all the assets of the decedent the executor should be reported to the court immediately. Any evidence of non-reported property should be presented to the court and the executor should be removed and replaced.
Can an executor force a beneficary to release monies left to them?
The monies are not the property of the beneficiary until the executor has released them. Any assets of the deceased have to be provided to the executor for inventory and valuation. Only once the debts have been settled can things be released.
