They have a duty to do so. The estate can be reopened to finish off any new business that arises. This is a big issue in some cases.
The executor is entitled to be paid for their work. The court has to approve the distribution and the fee they charged, which is often set by law. If the estate has been closed, you can sue the executor if they breached their fiduciary duty.
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed.
If the debt is evidenced in writing it is the obligation of the executor to collect the debt owed to the estate.
The executor cannot refuse to pay properly documented debts. They do not have to pay them personally, the money comes from the estate. If there isn't any money, they show the court the assets and distribution and the estate is closed. And if they insist on not paying, the court can revoke their status as executor and assign it to someone else.
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.
They don't have to be paid if they don't want to be paid. But they are entitled to be compensated for their time and effort. And the estate won't be closed if there are outstanding debts, including money owed to the executor.
To collect money from an estate after someone has passed away, you typically need to go through the probate process. This involves filing the deceased's will with the probate court and having the court appoint an executor or administrator to manage the estate. Once appointed, the executor can collect the estate's assets, pay off debts and taxes, and distribute the remaining funds to beneficiaries as per the will or state law. It's advisable to consult with an attorney for guidance on navigating the probate process and ensuring compliance with legal requirements.
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
No. A personal creditor of yours has no right to attach the estate for which you are the executor. However, if you are also a beneficiary of that estate the creditor can go after your portion of the distribution.
No one is at fault as the bank followed the law. The Executor is the person who should get the money. They are responsible to collect and value the estate and its holdings. Once inventoried and debts cleared, they can distribute the remaining assets to the beneficiaries.
The length of time for probate vary by county and state to state. But, mostly it depends on the executor as to how efficient they are in doing their duties after the probate process is complete. Find out who the executor (or admnistrator) is and ask them how long it will be before they start distributing the estate. ( You can find out who the executor is by viewing the will at your local Probate Court.)
Since the executor has the authority to handle the assets of the estate, pay any debts, and collect a statutory fee for their services before the legacies are paid the executor would have no reason to file a claim against the estate. They would be filing a claim against themselves in their capacity as the executor. You need to provide more details.