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There's not clear cut answer to such a question as state's establish laws pertaining to the actions of an executor or executrix of an estate. Such a document would more than likely not be considered an acceptable means of resolving the misuse or mishandling of estate assets. The person who committed the act may also be held accountable under the state's criminal code as well as civil penalties. It would be in the best interest of the party involved to seek legal advice from an attorney qualified in estate law. It would probably hold up, particularly if there is no intent to defraud. The Q can be read many ways....which makes answering tough. As suggested above, taking money unauthorized is probably a criminal act and something that would be seen by the court as a reason to remove or even not allow the appointment of the executor/ix. More importantly , your question leaves it as a distinct possibly that the person has not died yet, and the one expecting to be the executor is accessing the funds for his own interest with the promise early he won't take his part of the inheritance. That would be a very bad thing and you need to get others (lawyers/police) involved. What if the not yet decedant needs them? A contract concerning an illegal act, (taking the funds) is probably not enforceable..although it would act as an admission of guilt. Also, what if he can't replace them after the death when the estate needs to be split? With all the possible downfalls, it is also generally considered bad idea to have executor/ix or administrators the same as beneficiaries of the will.
What else can I help you with?
How can I transfer inheritance money to my bank account?
To transfer inheritance money to your bank account, you will need to provide the necessary documentation, such as a copy of the will or death certificate, to the executor of the estate or the financial institution handling the inheritance. They will then facilitate the transfer of the funds to your designated bank account.
When will the charges for using my debit card as credit be deducted from my account?
The charges for using your debit card as credit will typically be deducted from your account within a few business days of the transaction.
What does it mean when a transaction is debited to your account?
When a transaction is debited to your account, it means that the amount of money has been taken out or deducted from your account.
How do you contact IRS about PM not deducted from your bank account for back taxes?
I made arrangement to have $100.00 deducted each month for 2005 back taxes. IRS did not take a payment out of my checking account who do you contact about this
If you debit an account is it decrease or increase?
increase By debiting an account means,specific amount will be deducted for credit to the account for whom it is intended, which is contra entry by nature.
How can I transfer inheritance money to my bank account?
To transfer inheritance money to your bank account, you will need to provide the necessary documentation, such as a copy of the will or death certificate, to the executor of the estate or the financial institution handling the inheritance. They will then facilitate the transfer of the funds to your designated bank account.
How does executor of a will access a checking account?
First they need a letter of authority from the court. They present that to the bank and will be able to access the account.
Are withdrawals deducted from net income?
Withdrawal are charged to drawing account and drawing account is contra account of capital account so withdrawal are deducted from capital account.
Who does the executor account to after probate?
No one, unless some malpractice is discovered on the part of the executor after the estate is closed and sues the executor. Once the estate is distributed and a final account is filed and approved the executor is discharged and the estate is closed. After that, the executor has no authority.
Can an executor or girlfriend take money out of a decedent's checking account?
It depends on whether the executor has been appointed by the court and if the account was a joint account with the decedent and his partner.If the executor has been duly appointed they can access accounts solely owned by the decedent. That's their job.If the account is a joint account, it isn't a probate asset and the executor has no control over it. It belongs to the surviving joint owner.
How does an executor withdraw the balance of a bank account?
When the Will is allowed and the Executor is appointed by the court "Letters Testamentary" are issued to the Executor. Those Letters set forth the legal authority of the Executor and a copy should be presented at the bank to make the withdrawal and close the account.
What is an amount deducted from a bank account called?
debit
What court document is needed to get money out of a bank account after death and where do you get it?
It is a Letter of Authority. It is issued by the probate court to the executor of the estate. Opening an estate is done by filing the appropriate forms with the court.
When will the charges for using my debit card as credit be deducted from my account?
The charges for using your debit card as credit will typically be deducted from your account within a few business days of the transaction.
What is an inheritance tax waiver?
An inheritance tax waiver is required by brokers in order to transfer stock ownership of a deceased person from his/her name into the new account which contains her/his estate assets. It is issued by the states, and is not required in all states. I do not know its purpose. An inheritance tax waiver is a document issued by the taxing authority like a state in order to prove that all inheritance taxes have been paid. In New Jersey it is used this way. If the estate has to pay inheritance taxes, it may withdraw up to half of the date of death balances of the decedent's bank accounts and deposit those monies into the estate account. The other half is frozen in order to ensure that the inheritance taxes are paid. After the inheritance tax return is filed and the state is satisfied that it is accurate and that all inheritance taxes are paid, it issues documents called tax waivers. Each waiver will identify one or another of the decedent's bank account by name of bank, account number and date of death balance. The executor takes the tax waiver to the bank and if all the information matches properly, the bank releases the half that had been frozen. No one gets that second half until the tax waivers are issued by the state.
Where the drawing posted in final account?
Drawings are deducted from Equity Account (Capital) in financial statement
Can a beneficiary that couldn't be found during probate period collect on inheritance after probate closes?
Yes. That beneficiary's portion should have been deposited with the court or in an interest bearing bank account. It should be waiting for him. There are many reasons a beneficiary may not be able to be found at the time of a probate of an estate. That's no reason to squander their inheritance. He would have a cause of action against the executor if his inheritance was not accounted for.
