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What is the order of pay out when paying out an estate in the state of Ohio?
Typically taxes are considered the first thing to be resolved. Then the fees to the executor. The debtors need to be paid out evenly with anything left.
How are debtors notified of death to make claim against an estate?
It is the responsibility of the executor to notify all possible debtors and advertise for others.
Should debts be paid before executor gets their fee?
It will depend on the estate. The executor is entitled to their fee by law, and that can take precedence over debtors.
Is a executor in NY state responsible for debt if it is more than 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.
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 does an executor of estate do when a will wasn't made and there is a lot of unknown debt Is it mandatory to post who the executor is in the newspaper so these debts can be paid?
That is one of the primary purposes of creating an estate. The executor has to contact all known debtors and advertise for unknown debtors. There has to be a method for these debtors to contact the executor to place their claims.
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.
Can you be arrested for not paying your apartment debt?
Yes you could be arrested for not paying your apartment debt.
If an executor overpays a beneficiary and the other beneficiaries want the overpayment back who is liable?
The executor is liable for any errors they make in paying debts or paying beneficiaries.
Can heirs contest the sale of the home by the executor?
They may be able to contest the sale. However, the executor has the responsibility to settle all debts. The home may have to be sold to pay off the debtors.
What if you are the executor of the will m i responsible for any debts if the home was not in my name?
Being the executor does not make you personally responsible. The estate has to pay any debts. If the estate cannot pay them, the debtors do not get paid.
When does the executor receive their fee before the people in the will designated to receive their shares?
The payment of the executor comes before the distribution. They have a claim against the estate and most courts allow them to collect even before debtors.
