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Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
Funds or property that have value in meeting debts are called what?
bankrupt The above is not just incorrect entirely, but makes less tha no sense: The funds and property that may be used to meet debts, (of a bankrupt or not) are called "assets".
What is "net worth"?
The value of a business or a property that is remaining after all debts and responsibilities have been removed.
Can a executor sell the home in the will if it is split with another family member?
The executor of the will has the ability to sell property of the estate. They may have to in order to pay off the debts of the deceased. The value of the property after the debts are cleared would be split between the family members.
How can I borrow against inherited property?
To borrow against inherited property, you can apply for a loan using the property as collateral. The lender will assess the value of the property and your ability to repay the loan. If approved, you can receive funds based on the property's value. It's important to carefully consider the terms of the loan and the potential risks involved.
Who pays outstanding bank loan on personal property which is more than the value of the estate after death in NY State?
The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.
What are estimators?
An estimate is an approximate calculation or judgment of the value, number, quantity, or extent of something. Assets are property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Can executor of an estate legally rent real estate out named in a will when one heir will not give permission?
There is no reason that the executor cannot lease estate property. As long as they get a fair market price for the lease. They would then be able to use the money to pay debts and taxes as well as maintain the property.
What are estimated assets?
An estimate is an approximate calculation or judgment of the value, number, quantity, or extent of something. Assets are property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
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.
What does it mean to expend funds when talking about a probate case?
Probate is the legal process by which a person's final debts are settled and legal title to property is formally passed from the deceased to his or her beneficiaries and heirs. There are many arguments for and against probate and its value in an estate plan.
Does anyone have a good idea on how children can fairly divide the personal property of their parents' estate?
You value all of the items and split the value, once the debts of the deceased are resolved. If there are items that they are arguing over, they should be sold and the money divided.
