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Does the executor of a will have to pay for outstanding debts of a deceased parent if there is no money or property to sell?
The estate is responsible for the debts. The debts must be paid by the executor before any assets can be distributed. If the executor distributes any assets while the debts are outstanding, she/he may be personally liable. If there are no assets the estate is declared insolvent and the creditors are out of luck.
What else can I help you with?
Are cemetery plots considered property that can be sold to pay for outstanding debts of a deceased parent?
yes cemetery plots are considered property and can be bought and sold to pay debts
How do you sell stock of deceased parent?
The executor of the estate is able to sell assets of the estate.
How can you find out if a deceased parent left a will?
You can start by checking with the deceased parent's lawyer, estate planning attorney, or financial advisor. You can also check with the probate court in the county where the deceased parent lived to see if a will has been filed for probate. Sometimes, the executor named in the will or the deceased parent's close family members may also have knowledge of the existence of a will.
What if deceased parent's home mortgage is more than the property can be sold for?
The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.
Does an heir sibling to an estate have a right to enter estate after death of a parent if they are not the executor?
They do not have that right. The executor is responsible for the property and can allow, or not allow, access to the premises. The executor has to inventory the property of the estate and value it before distributions can be made.
What do you do with utility bills in the name of a deceased spouse or parent?
Such bills should be turned over to the executor of the estate. They should pay legitimate bills and either close the account, or transfer it to the estate or the heir that will be taking over the property.
I am executor of my deceased parent's estate and also one of the named 2 children sharing the will and property so how can i give all ownership to my one sister if i am executor what forms do i need?
The best way is to create a deed of variation which would alter the distribution of the estate. Professional help should be sought.
Can a executor evict his sister from their late parents' home if it jeopardize the sale of the house and there is no will?
There is no executor if there is no Will. The estate must be probated and the court must appoint an estate representative. That representative will have the power to request a license to sell the property. The representative should ask the attorney who is handling the estate how to handle the sibling who made their home with the deceased parent. The sibling has property rights and rights as a tenant.
Who has the right of the inherited property from the deceased parent?
Usually the spouse. "Unlike a spouse, a child generally has no legally protected right to inherit a deceased parent's property. The law does protect children when an unintentional omission in a will occurs, however."
How to sell a house after a parent dies?
You have to open an estate. The court will then appoint an executor. The executor will have the letter of authority that will, with the court's permission, sell the real property of the estate.
Can the executor named in a parents Will take the parents household items before the parent is dead?
No. A Will does not become operative until the testator has died. The executor named in a parent's Will to distribute their estate after their decease has no right to take the parent's property while they are still living.
Is a deceased parent's assets considered an estate or does he have to open one?
It is an estate, but it isn't a legal entity until it has been registered with the court and an executor appointed.
