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Is the executor of a will responsible for any unpaid bills that the estate cannot pay?
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws.If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.
Is the executor respondsible for debt when there is no money left in the estate?
No. The estate is responsible for the decedent's debts.However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
Can the inheritors force the executor to sell assets?
No, they cannot force the executor to sell assets. The executor is responsible for closing out the estate and settling debts. Then the distribute the assets.
Can a executor change a will after parents death?
No, the executor is responsible for carrying out the decedent's wishes as spelled out in the will, but the will itself cannot be changed.
Is the executor of a will responsible for any unpaid bills that the estate cannot pay?
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws.If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
Does the executor's job become extinguished if an estate turns out to be insolvent?
No, the executor still has to inform the debtors of the insolvency. And taxes still have to be filed and the court satisfied.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
Is the executor respondsible for debt when there is no money left in the estate?
No. The estate is responsible for the decedent's debts.However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.
Is the executor responsible for the lawyers fees?
The estate is responsible for attorney's fees. The executor is responsible to pay the debts of the estate before any property can be distributed. If the executor mishandles the funds they will be personally liable.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
Is the executor responsible for paying all taxes on an estate?
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
Is surviving spouse responsible for medical bills in NJ?
Only if she is the executor of the estate. The executor is responsible for all estate debts.
Is an executor responsible for anything missing from an estate property?
The executor has the responsible to maintain the estate. That includes keeping the property safe.
Is the executor responsible for maintening house and garden?
The executor is responsible for the estate. That would include keeping the property in good condition.
Does home insurance continue to the executor after a person dies?
The executor should contact the insurance company and notify it of the death of the owner of the policy.
