The bills can't be paid. You need to file a petition in the probate court to be appointed the estate representative. The appointed estate representative will have the authority to access the decedent's account and pay any bills that are owed.
The executor is responsible for settling the estate. That will include writing checks to pay bills. In most cases they will create an estate account to handle these items and be able to provide a complete accounting to the court.
Such bills should be turned over to the executor of the estate. They should pay legitimate bills and either close the account, or transfer it to the estate or the heir that will be taking over the property.
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.
Bills receivable is a real account. When acceptance is received, Bills receivable account is debited (debit what comes in). When the bill is discounted or returned to acceptor at the time of maturity, Bills receivable account is credited (credit what goes out).
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
The executor is not personally liable. They are required to use the estate funds to resolve bills.
The executor's job is to settle the estate. That includes resolving all of the estate's bills, from the estate, not their own pocket.
The executor is responsible for settling the estate. That will include writing checks to pay bills. In most cases they will create an estate account to handle these items and be able to provide a complete accounting to the court.
Such bills should be turned over to the executor of the estate. They should pay legitimate bills and either close the account, or transfer it to the estate or the heir that will be taking over the property.
Only if she is the executor of the estate. The executor is responsible for all estate debts.
The executor is responsible for the assets of the estate. That would include taking care of the property taxes, upkeep and maintenance. The executor is not personally responsible for the bills, the estate is.
The executor should never pay the bills themselves. They should have the estate do it. Yes, with proper receipts, there should be no problem with getting the money back.
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.
Well, not you personally. But your father's estate will have to settle the outstanding liabilities. If your family cannot agree on a executor, the court will appoint one. The executor's job is to see that all bills are paid prior to distribution of the estate to the heirs.
The executor will have access to the funds, but only for paying the bills of the estate. Money cannot be distributed until the court approves the distribution plan.
Briefly, the duties of an executor are as follows:Submit the will to the probate courtCollect the decedent's assetsPay the decedent's and estate's bills and debts, including funeral expensesPay taxes, including estate taxes and outstanding income or property taxesManage the assets of the estatePay any invoices associated with administering the estate, such as bills from appraisers, accountants and brokersDistribute the estate's assets according to the will
If there is a will the will should name an executor and the estate must be probated. While the "estate" is liable for the bills, it is the executor who is authorized to settle them out and pay them once they have been appointed by the probate court. The debts must be paid before any property can be distributed to the heirs.