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Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
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.
Can a cosigner be arrested?
A cosigner cannot be arrested solely for being a cosigner on a loan. However, if the primary borrower defaults on the loan, the cosigner may be held responsible for the debt and face legal action if they do not fulfill their obligations.
What is the definition of corporate guarantee?
A Corporate Guarantee is a guarantee in which a corporation agrees to be held responsible for completing the duties and obligations of a debtor to a lender, in the event that the debtor fails to fulfill the terms of the corporate guarantee.It is also known as debtor-lender contract.by shylendri
Can executor be and be held liable for theft of estate in KY?
Yes, they can be held liable for theft. It is a breach of fiduciary duty and is a crime.
What if family will not turn over the will to the executor?
They could be held in contempt by the court. They are interfering with a legal process.
Can someone sue an executor after the probate process is completed?
Yes, if the executor abused their authority, wasted assets, failed to follow the provisions in the will and the probate laws, failed to pay creditors or did any number of things an executor should not do or failed to do things an executor should do. An executor can be held personally liable for their misbehavior.
Can you request that executor not be paid because of exhibiting favoritism in the managing of the estate?
No. If you think the executor has misused their authority it should be reported to the court that made the appointment. The court will review the matter and issue a decision. An executor can be held personally liable for mismanaging the estate.
Can a person be an executor to the estate he owes money to?
Yes. Nothing prohibits a testator from choosing a person as his or her executor simply because there is a debt between them. In the matter of who is to be the executor, courts go to great lengths to honor the wishes of the deceased. The beneficiaries will be able to challenge in court the manner in which the executor handled repayment. An executor might be held to a higher standard of proof if he or she disputes the claim in full or in part than any other creditor might be held to. In other words, although it appears that there is a conflict of interest in the executor handling his/her own claim, there are remedies available to beneficiaries to ensure proper handling of that claim that do not thwart the decedent's personal choice of the person to be the executor.
What happens if the executor of a will ignores a court order?
They can be held in contempt of court. Which could result in criminal charges.
Can an executor do maintenance work to a family home when the other children are not consulted and they are being held responsible for the cost of repairs?
The executor must be appointed by the court. Once appointed they have the authority and responsibility to do whatever is necessary to settle the estate. That is the purpose of having an executor. If repairs are necessary to maintain the property or to prepare it for sale the executor has the authority to arrange for the repairs.
What are the responsibilities and obligations of a co-buyer on a car purchase?
A co-buyer on a car purchase is equally responsible for making payments on the loan and ensuring the vehicle is properly maintained. They are legally obligated to fulfill the terms of the loan agreement and may be held liable if the primary buyer fails to make payments.
