Some people have an Executor (male) or Executrix (female) in their Will to take care of these duties. Other people have "Trust companies" that will do it as well for a fee. Both parties have to probate the Will to be sure all debts including property and personal taxes off and the residue that is left after that is the total amount of the Estate. Marcy
They do not have that right. The executor is responsible for the property and can allow, or not allow, access to the premises. The executor has to inventory the property of the estate and value it before distributions can be made.
Yes, there is a value. The determination of that value is a bit of a challenge. It is going to deal with actuarial tables in determining how long the individual with the life estate would live. Then the monthly value of the life estate can be determined.
An estate is the total value of all your assets at the time of your death.
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
A will is a method of allocating the value of one's estate on death. A life estate is a right in property.
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
Estate appraisals often happen a little while after the holder of the estate has died. There for the total worth of the estate may have changed. By getting an appraisal you are determining the fair market value and this makes it easier to distribute the proceeds to the debt holders or recipients in the will.
Yes, it will be the responsibility of the estate. No will is necessary to open an estate. North Carolina law will designate the beneficiaries, if the estate value exceeds the debts.
They do have that ability. The property belongs to the estate and the executor is responsible for it. The purchase price must be a fair market value and may require court approval.
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
Yes, as long as it is sold at a fair market value. If it is sold for a fraction of value, the estate may be able to pull it back into the estate as a gift.
The executor of the estate is responsible. They have to inventory and value the estate. Then they have to resolve all the debts. Then they can divide the money up for the beneficiaries.
With regard to state taxes, it depends on the state in which you live. In some states, the death benefit from life insurance passes outside the estate and directly to the named beneficiary. So there is not tax. For federal tax The policy has a value at the time of death. That value is included in the estate,
The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.
Let's answer it this way - - If he was the heir of her estate and inherited anything of value then, technically, yes. He would have to pay her outstanding bills up to the limit of her estate's value. If the bills exceed the estates's value then the estate is bankrupt and the unsatisfied debtors are out of luck.
How is this different from determining if a value is a solution to an equation?
An individual can learn of the value of his or her estate. In order to learn the value of the estate, a real estate assessment would have to be made by a professional.
Yes, but the value is very difficult to determine and most people don't like the risk associated with that right. Unless you are selling it to the remainderman in which your biggest difficult will be in determining value.
The value of that CD is an asset unless Payable on Death arrangements were made with the bank when the account was opened. In that case the proceeds do not become an estate asset.
The executor of the estate is responsible for insuring that the value of the estate is maintained. This is the purpose for setting up an estate. If there are no assets other then the house, it may have to be sold to pay her debts.
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.