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What are executor's fees in Ontario?
An estate executor is a person who executes a deceased person's will and disposes off his estate as per the guidelines of the will. He has many duties and Ontario law allows an executor to charge for his services. The amount of fees depends on the magnitude of the estate and extent of duties to be performed by the executor. Generally fee is charged according to the following guidelines. 1. 2.5 percent of the total value of capital receipts of the Estate, 2. 2.5 percent of the total capital disbursements of the Estate, 3. 2.5 percent of the total revenue receipts of the Estate, 4. 2.5 percent of the total of revenue disbursements of the Estate or 5. Annual fee of 2/5 of 1 percent of the average annual market value of the capital of the Estate.
Is a executor of a will responsible for all the bills of a estate?
The executor is not personnally responsible. The estate is responsible to pay off the debts. If the assets are not sufficient to pay off the estates, they do their best and get the court to agree.
Can executors after collecting debts owed to estate to the best of their ability legally write off debts that individuals cannot pay back Ontario Canada?
Yes they can. When the person is deceased their estate goes to the Executor (male) or Executrix (female) and they make sure all personal/property taxes and creditors are paid off. You can go into any book store and get a "Probate Book" or even go on the internet and get the forms. Of course when you take the Probate forms in they almost always fail you the first time (cash cow method) but, be patient, the second time around you'll get through OK. It can take 8 months to a year for the Probate to go through. The Executor/Executrix can pay electric bills, phone bills, etc. (every monthly bill), but the bulk of the Estate has to go to probate. If the debt is worth more than the total Estate then the creditors are out of luck! Marcy
Can a debt be listed on your credit report by the collection agency as two separate entries with one as a charge off and the other as a collection fee?
Yes, the charge off is entered by the original creditor, and the collection fee is a separate debt.
What happens if you die and owe the IRS money?
One of the primary reasons to open an estate is to resolve such issues, including taxes. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
How do you take your and your husbands name off a will as executors?
My husband and I are executors of a will and want to cancel this.
Do iTunes come fee with the purchas of an ipod?
iTunes doesn't actually come with the iPod, you cna download it for free off of Apple's website.
Who pays off the balance of a deceased credit card person?
If person dies with debt, the debt does not die with them and their creditors have the right to be repaid from the deceased's estate. The executors of the estate need to be aware of any debts in order that they can deal with them. If there is no estate, or if the debts are relatively small, creditors may well write off the debt. If any debts are in joint names, the surviving partner will remain liable for the debt.
What are executor's fees in Ontario?
An estate executor is a person who executes a deceased person's will and disposes off his estate as per the guidelines of the will. He has many duties and Ontario law allows an executor to charge for his services. The amount of fees depends on the magnitude of the estate and extent of duties to be performed by the executor. Generally fee is charged according to the following guidelines. 1. 2.5 percent of the total value of capital receipts of the Estate, 2. 2.5 percent of the total capital disbursements of the Estate, 3. 2.5 percent of the total revenue receipts of the Estate, 4. 2.5 percent of the total of revenue disbursements of the Estate or 5. Annual fee of 2/5 of 1 percent of the average annual market value of the capital of the Estate.
What length of time do creditors have to come in and try to claim assets owed to them that were previously charged off from an estate?
== == In Massachusetts, creditors have 1 year from the date of death to notify the executor or administrator of the estate of the outstanding debt. This has just happened to me in North Carolina: My attorney ran it in the paper for 30 days and that was all. In Kentucky, an estate has to remain open for a minimum of 6 months for the purpose of allowing enough time for creditors to come forward and make claims against the estate for debts. If it has been charged off the estate, they are merely harassing you.
What debts have to be paid off in an estate?
The estate has to pay all of them off. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
What types of rewards can one get with no annual fee credit cards?
No annual fee credit cards can come with quite a range of rewards and reward programs. You can get anything from a check to pay off some of your mortgage to a gift card.
Farm and three children you have life estate can you take on child off?
Generally, if you conveyed the farm to your three children and retained a life estate you no longer own the farm. You have the right to the use and possession of the farm but the children own the fee. Life estate schemes vary from state to state so you should consult with an attorney who can review your situation and explain your legal status regarding the farm.
What happens to debts if estate is in debt?
The estate has to pay all of them off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
Who pays your debts if there is no estate or will?
All the more reason to open an estate. The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
If father died with estate of Ira's what debt is paid by estate?
The estate has to pay off all of the debts if possible, using the IRAs if they can. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
In the state of minnesota does the estate inherit the debt of the deceased?
That is the purpose of opening an estate. The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
