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The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
What else can I help you with?
What happens when an estate administrator dies?
If the person left a Will the Will will identify who the administrator (executor) of the estate is to be - only this person can anministor the estate. If there is no Will then the state will appoint an administrator (there will be country specific laws relating to how this happens).
Can an administrator enhance the state of the deceased?
under zambian law the administrator is only allowed to collect the property of the estate and distribute to the beneficiaries after paying debt and other creditors.
What happens when no estate and no insurance who pays debts?
The decedent's estate is responsible for the decedent's debts. If there are no assets the creditors are out of luck.
If you are the administrator to someone elses estate and you foreclose on your own home are you compromising the estate?
No. The foreclosure of your individually owned real estate will not affect the estate you are administering. However, your creditors may go after any inheritance you may acquire if they find out about it.
Can we ship her effects home with no problems from the IRS or CA gov and can we ignore creditors or does the estate need an administrator and if so should we avoid serving bc of liabilities?
Yes, you need to establish an estate. If there are assets in the estate, you will have to resolve the bills owed. If you do not wish to serve as administrator, you can pay a bank or lawyer to do the work.
What happens if an estate is inherited but another bill comes in?
Once the estate has been properly distributed, late creditors are out of luck. They would have to prove the probate was improper, e.g., failure to post notice and wait the statutory periods, etc, at which point the executor/administrator can be held personally liable for payment of the bill that the estate properly owed.
Your mother died with no estate and all debts were closed What happens if she had a pending lawsuit that was settled a year after her death Can creditors still collect on the settlement money?
If there is a lawsuit that benefits the estate, the estate will have to be reopened. The creditors can make their claims. The court should not have a problem reopening it in this instance. The creditors can force it as well.
If there is no will how much power does executor have?
If there is no will then there is no executor. If there is no will then the court will appoint an Administrator for the estate and the Administrator will have the power to collect and inventory the property, pay debts and creditors, distribute the remaining estate and sell the real estate if they apply for a license from the court to do so. The law will direct who will get the remaining assets as the legal next-of-kin and how much each will get.
Co-administrator of estate?
The co-administrator of an estate has as much equal access to the estate as the administrator. If property or the estate needs to be divided, the parties will need to agree.
What happens when there is no Will or Executor or administrator?
The court will appoint an executor and the estate will be subject to the intestate laws of the jurisdiction.
What length of time do creditors have to come in and try to claim assets owed to them that were previously charged off from an estate?
== == In Massachusetts, creditors have 1 year from the date of death to notify the executor or administrator of the estate of the outstanding debt. This has just happened to me in North Carolina: My attorney ran it in the paper for 30 days and that was all. In Kentucky, an estate has to remain open for a minimum of 6 months for the purpose of allowing enough time for creditors to come forward and make claims against the estate for debts. If it has been charged off the estate, they are merely harassing you.
Father passed away and mother never opened estate Now mother is gone who is responsible for opening the estate of the father Will states everything is left to wife.?
Each estate must be separately administered. Fathers creditors will need to be paid from father's estate, necessary tax forms will be filed. Father's estate will need to be distributed according to the father's will, i.e., the residual to the surviving spouse. The estate of the spouse is then probated by the administrator of the wife's estate, as required by the wife's creditors and heirs.
