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Does the administrator of an estate have to pay the heirs their money all at once or can he pay the heirs annually?
The administrator must close out the estate and distribute the remaining assets to the beneficiaries. If there are testamentary reasons to delay the distribution, such as valuation issues, waiting on liquidation of assets, finding heirs or resolving liabilities, distributions can be made prior to the ending of the estate. But their must be a reason to delay closing the estate.
What else can I help you with?
If you are admimister of an estate do you have to pay taxes on money that is left to you?
No. The estate is responsible for any estate taxes. However, if your bequest involves a substantial amount of money you should seek professional advice. The attorney who is handling the estate should be able to advise you. If you get paid a fee for your services as the Administrator, that fee is treated as income and should be claimed on your tax return.
Is a fiduciary account and an estate account the same?
A fiduciary is one who owes a duty of good faith, trust, confidence and a high standard of care in managing the property and money of another. An executor or administrator of an estate is a fiduciary. Therefore an estate account is also called a fiduciary account. The short answer to your question is yes.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
What does Money earned annually mean?
per year
Can the administrator of an estate spend money from the estate and not tell the remaining heirs?
The Administrator of an estate must file an inventory listing all the assets and when the estate has been settled must file a final account that states where all the assets went. They are required to account for all money they spent or distributed. Therefore they cannot squander money from the estate. An administrator is subject to the provisions of the state laws that govern fiduciaries. They can be prosecuted for stealing from the estate or for wasting the assets. They are personally responsible for making restitution if they mishandle the estate assets. You can go to the court and review the file. If they haven't filed an inventory or account then file a complaint with the probate court. An administrator who fails to perform their duties can be removed.
Can the administrator of an estate sell property without the heirs permission?
The Administrator doesn't need the heirs' permission per se. Generally, an Administrator needs to petition the court for a license to sell the real estate. The heirs will be given notice of the petition to sell and will have the opportunity to object. If all the heirs want to keep the real estate the Administrator has no need to sell unless there are debts to pay. The debts must be paid before any assets can be distributed to the heirs. You can add more details on the discussion page.
You owe money if you die is the debt over?
No the debt passes on the the heirs of the estate.
How long after court approves a final accounting of an estate and distribution to heirs can it take to receive the money?
After a court approves the final accounting of an estate and the distribution to heirs, it can take anywhere from a few weeks to several months to receive the money. This timeframe depends on various factors, such as the complexity of the estate, the efficiency of the executor or administrator in carrying out the distribution, and any potential delays in processing payments or transferring assets. Additionally, if there are any disputes or complications, it could extend the timeline further.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
If you owe someone money and they die do you owe the money to their estate?
yes you do, but maybe the heirs will forgive the loan that was made.
Who do you contact about some monies owed to your deceased father and mother-you are administrator or their estate This is your second request.?
Yes,I am administrator of their estate and it has come to my attention that they have some unclaimed money from your company.
Are heirs responsible for deceased fathers debt In Idaho?
Debts of the DeceasedI am not an attorney/lawyer, so this answer will of necessity be a lay answer until it can be improved by a more qualified source.Usually, in most states the debts of a deceased do not just "go away or disappear." The "estate" is legally responsible for his debts. Of course, IF a deceased had no money or property [real or personal], then there IS NO estate, and there really are no heirs, and they do not have to pay the debts of the deceased.On the other hand, IF there is money or property [real and/or personal], then there is an estate, and the estate is legally responsible to pay just [legitimate] debts of the deceased. If there is no cash money in the estate, then the property of the estate must be used to pay the legal debts.Those debts are legally the responsibility of the estate. That means that if the deceased had any money or property, the debts must be paid before any distribution of those assets to the heirs. If there is enough money in the estate, then it is used to pay off the legal debts of the deceased.IF there is no money, or not enough, AND the heirs do not want to sell the property [real and/or personal] of the estate to pay the legal debts, and since the debt must legally paid, that means the heirs must pay the estate debts.
What to do when all assets stolen by sibling before estate probated?
The executor or administrator of the estate should sue those people for the wrongful taking of the decedent's money. If the sibling who stole the money is the executor or administrator, you can bring an action in the probate court to have that person removed as executor or administrator and have another person appointed who would sue for the return of the money.
If 3 heirs are to receive one third equally of the estate can two heirs force the third to put his own money into repairs of a house in the estate?
No. They should buy out the third share and split costs and profits between 2.
Who gets the money in a will the heirs or the legattees?
In a will, heirs are typically those who inherit under the laws of intestacy or are designated to receive a portion of the estate, usually family members. Legatees, on the other hand, are individuals specifically named in the will to receive certain gifts or bequests. Therefore, both heirs and legatees can receive money or assets from an estate, but their roles and the sources of their inheritance differ.
When can stock money be dispersed after received in estate?
The executor has to settle all debts. Once they are satisfied that they can be paid, they can consider disbursing money to the heirs.
