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.
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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.
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A will is a legal document that outlines how a person's assets are to be distributed after their death, while a life estate grants someone the right to use and enjoy a property during their lifetime. In a life estate, the individual has the right to live in the property or receive income from it, but ownership reverts to another party upon their death.
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.
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.
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.
No, they may try to collect from you but for medical bills incurred by the deceased, the deceased's ESTATE is responsible for them. The Executor will have to address this matter with whatever funds are available in the estate.
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.