Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
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.
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
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.
Only the executor has the authority to liquidate assets of the estate.
Yes, the Executor is responsible for paying off all the debts, or as many as possible, of the deceased using the assets of the estate. If the house has to be sold to settle the estate, then it must be sold.
To become the executor of an estate, a person must be named as such in the deceased individual's will. The court will then officially appoint the executor after the will is probated. The executor is responsible for managing the deceased person's assets, paying debts, and distributing the remaining assets to beneficiaries according to the will.
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.
No, a beneficiary cannot override an executor in the distribution of assets. The executor is legally responsible for carrying out the instructions in the will and distributing assets accordingly.
To become an executor of an estate, one must be named as such in the deceased person's will. The executor is responsible for managing the deceased person's assets, paying debts, and distributing the remaining assets to beneficiaries according to the will. It is important to understand the legal and financial responsibilities of being an executor before accepting the role.
Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.
That is the job of the executor. To distribute the estate and liquidate the assets.
The executor is not personally responsible for the debts. If the estate is not sufficient, the debtors will not get paid in full.
Yes, an executor is responsible for distributing assets according to the instructions outlined in the will. They must follow the wishes of the deceased as specified in the will when distributing assets to beneficiaries.
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
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.
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
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.