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Can a co executor of an estate make the other co executor turn over a benefit check to the estate?
Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.
Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.
Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.
Yes. The "other co-executor" has no reason nor right to withhold the check from being included in the estate unless it was payable upon death to another individual who is named on the check.
What else can I help you with?
Who pays taxes on estate that is controlled by the executor?
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Can a executor rent out estate to other party for gain?
An executor cannot rent out an estate to an other party for his or her own personal gain, however, it could be done on the authority of the estate owner, or directives left in a will.
Can a child who is not executor of estate be allowed to help the other two children who were named executor of estate in the cleanup of deaceased parents household with no spouse?
Certainly.
Can the executor of the estate transfer ownership of home to executor with consent of living owner?
You can't be the executor of an estate if the individual is still living. Property transfers are done the same as any other time.
Should sibling who is executor and is inheriting estate residual be able to get executor fees from other sibling who is inheriting most of estate in real estate?
Yes. There is a lot of work and responsibility involved in being the executor of an estate. The one sibling/beneficiary who is appointed should not be reqired to work for the other beneficiary for free. In some cases the executor may not charge the statutory fee, however, they should not be expected to work for free. The executor fee should be paid from the estate. If one of two sibling is inheriting real estate then they should make a cash contribution equal to one-half of the executor's fee.
Can executor who has grant of probate distribute the estate between other executors and beneficiaries?
That is the job of the executor. They have to inventory the estate, value the property, resolve debts and then distribute the remainder.
How can someone become the executor of an estate when there is no will?
When there is no will, someone can become the executor of an estate by petitioning the court to be appointed as the administrator. The court will typically appoint a close family member or other interested party to handle the estate's affairs.
Why it is beneficial to appoint the bank as an executor?
There are benefits and detriments to everything, and appointing a bank as an executor is no different. Appointing a bank is only beneficial if it is a substantially large estate. In fact, most banks will refuse to become the executor, even if named in the will as the executor, if the estate does not consist of certain minimum amounts it fixes. Benefits flow mainly from the financial expertise they have in handling large sums of money and investing them while the estate is being administered so as to obtain the best rate of return. Another benefit is that it takes administration of the estate out of the hands of a single family member where jealousies or other family issues might cause losses, delays and other problems.
How can someone become the executor of an estate in the absence of a will?
To become the executor of an estate without a will, a person can petition the court to be appointed as the administrator. The court will typically appoint a close family member or other interested party to handle the estate's affairs.
Does the estate pay tax on life insurance?
In most cases no! But in the estate it will be subject to probate charges and other fees such as executor.
Can 1 executor refuse to release cash until other executor agrees to what he wants to do with property?
When there are co-executors of an estate one has no superior rights over the other. If they cannot agree then the conflict needs to be presented to the court for a solution. The beneficiaries have the right to expect that the estate be settled with expediency. An executor who is holding up the process can be removed by a petition filed by the heirs or the other executor.
What should you do if the named executor who is also the main beneficiary is not acting in the best interest of the other heirs?
Either renounce or administer the estate or pay a professional to deal with the matter and the fees would be met from the estate. It is up to the executor to decide. If the exector decides to administer the estate, he or she can be paid a fee (amount varies by state and county). The executor is not a beneficiary and the beneficiary is not the executor. The beneficiaries really have no say as to what the executor should do (i.e., adminster estate, hire attorney to represent estate, or renounce). The executor has a sworn duty to administer the estate in accordance with the deceased's will and the laws of the state and county of probate.
