Just a guess, Alec, would that be, "what is a Power of Attorney"?
Whether a spouse must buy out the heirs of a deceased partner to inherit the estate depends on the laws of the jurisdiction and the specifics of the deceased's will or estate plan. In many cases, a surviving spouse has a legal right to a portion of the estate, which may include community property or elective share rights. However, if there are specific bequests to heirs or if the estate is contested, the situation may be more complex. Consulting with an estate attorney is advisable to understand the rights and obligations in such cases.
Type your answer here... Can a beneficiary force executors to wind up an estate, or ask them to buy him out in respect of a property being involved
Certainly, that is the duty of the executor, to settle the estate, which includes liquidating assets to cover debts and distribute the proceeds in accordance with state law.
No, an executor cannot sell personal property that does not belong to the estate. The executor's authority is limited to managing and distributing assets that are part of the estate according to the deceased's will or state law. Selling property that is not owned by the estate could lead to legal consequences and potential liability for the executor. It is essential to properly identify and verify the ownership of assets before any sale.
It will depend on the terms of the will, which may include the executor's right to exercisediscretion when differences arise between the benficiaries.You need to consult the family lawyer who's handling the estate.
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
It is illegal to obtain a deceased person's Social Security number without proper authorization. You can request this information through the Social Security Administration or by contacting the deceased person's estate executor or legal representative.
No! The executor of a will is responsible to safe guard the assets of the estate. They are also entitled to compensation for their services. They must give a full accounting of the estate to the probate court before it can be closed out.
There are no clear numbers on the percentage of executors that charge the estate for their services. Estimates put this number at anywhere from 40 to 75 percent.
Yes, it is possible for there to be two executors of a will. They can work together to carry out the wishes outlined in the will and manage the estate.
Yes. Sometimes the deceased leaves the bulk of their estate to an animal (like a favorite dog) which the surviving family regards as a joke.
The executor's duties end when the final account is allowed and the estate is thereby closed. The heirs could request the personal papers of the decedent at that time.
The deceased estate is responsible for repayment of debt, with secured debts taking priority. With the exeption of property which is ruled exempt to probate procedures, assets will not be distributed to named heirs until debts are satisfied.
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
No, in fact, you can have as many co-executors as needed. However, as you can imagine, the more co-executors you have, the more complicated administering the estate becomes. I always suggest that only one executor is named, followed by an alternate executor if the original executor cannot act, or has pre-deceased the testator.
The beneficiaries have no authority as to how an estate is to be handled. That is the duty of the executor or executrix who will be held personally and legally accountable to the court for all assets and property belonging to the deceased. Therefore the executor has a legal obligation to inventory ALL property and assets and to accurately enter them into the probate filing of the estate.
The co-executors should discuss the issue with the attorney who is handling the estate. If the dispute cannot be resolved the matter should be brought before the court for a ruling.