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What is the name of the person in charge of the will?
The person in charge of the will is typically referred to as the executor or executrix. They are responsible for carrying out the wishes outlined in the will, including distributing assets to beneficiaries and settling debts and taxes.
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.
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.
As an executor of an estate you received money do you pay taxes on it?
The fee paid to the executor is considered taxable income.
Do you have to file taxes on an inheritance?
Yes, the executor must file taxes. That is one of their responsibilities to the estate.
What age does federal taxes stop?
Where I live the executor of your estate will have to file your Federal taxes after you die.
Who is responsible for filing your income taxes after your death?
The Executor or the Administrator
You are executor of an estate that generated incomedo you have to file taxes?
Yes!
Can a town sue an executor of an estate for back taxes if the estate already settled if so how long do they have to make a claim?
Yes, they can sue the executor. They breached their duty if they did not resolve the taxes before closing the estate.
Can the executor of estate be held liable for taxes owed if estate is solvent?
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.
What is the responsibility of an executor in a will?
An executor is the person (or people) who is/are responsible for settling the details of a deceased person's estate (ie debts, taxes, cost of the funeral arrangements and applying for a grant of probate) and after all the above are settled, distributing the residue of the estate as laid down in the will. The executor could charge a fee for doing this job and should keep good records of what has been done
Can the executor pay for work needed on properties?
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.
