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The executor distributes the money to the beneficiaries after the estate's debts have been settled to the satisfaction of the court. Each beneficiary is responsible for what they do with the money. There is no requirement, and it would be detrimental, for the executor to play bookkeeper and accountant and pay of the debts of the beneficiaries of the estate.
What else can I help you with?
Is the executor responsible for distributing inheritance?
That is the job of the executor. To distribute the estate and liquidate the assets.
Is an executor of an estate the same as an beneficery?
NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.
Why is it important to know the tax implications of an inheritance?
It is important to know the tax implications of an inheritance because it can affect how much of the inheritance you will actually receive. Understanding the tax consequences can help you make informed decisions about how to manage and distribute the inheritance effectively.
Can an executor take back money that is not wanted by an heir?
An heir may decline to accept an inheritance. The executor then has to distribute the assets per the will.
How long do you have to wait for your inheritance in California?
A complex estate can take many years to sort out and distribute. In California there is no set time frame for closing an estate.
Can a trustee only give you portions of the will?
It depends on the wording within the document. If the document states that the Trustee shall distribute at their discretion then yes they can give you just portions of your inheritance.
How does bankruptcy affect inheritance property?
You must list an inheritance (or even possibility of inheritance) within 180 days of filing BK. So if you are to receive an inheritance, even if your BK was already discharged, within 6 months of filing, you must inform the BK Trustee (who would have the right to take the inheritance to distribute among the creditors)
If you are supposed to receive inheritance money from a will but it doesn' state the age you are supposed to get it do you automatically get it when you turn 18 or does the will holder get to decide w?
When you become an adult, you are entitled to the money. The executor has no choice but to distribute the money.
How is electricity from the power station sent around the country?
by using transmission line to distribute power. A person that responsible for that is power engineer
Who is the company proctor and gamble responsible to?
The Proctor and Gamble company is responsible to the shareholders of the company to generate income; they are responsible to the people where their products are manufactured and sold to make safe products safely; they are responsible to their employees to provide a safe working enviornment; they are responsible to the governments where they manfacture and distribute their products to comply with the regrulations in those places.
Is the estate responsible for her debt?
Yes, the estate has responsible for paying off all of the debts 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 is responsible for the bill if your stepmother died in Kentucky and owes her nursing home a debt?
Her estate is responsible for all debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
