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If an uncle dies and had no spouse or children but had a large bank account can another uncle be made executor and take everything?
An executor of the estate does not have the right to "take everything". Rather, the executor has the responsibility to execute the will of the person who died. If the deceased had no will and no immediate relatives, it gets more complicated.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Who is the stock transfer agent for Exxon Mobil?
An owner of ExxonMobil stock has died and he left all of the stock to a legatee. We need to know the process needed by you in order to transfer said stock to the legatee. Please advise. deshotelslawfirm@kaplantel.net att: Lomire R. Hebert
What if Surviving spouse is executor and also creditor?
They can't be both. They can either be the executor of the will (carrying out the wishes of the deceased) - or a creditor (being owed money by the deceased). If they act as both - there could be a conflict of interest (and accusations of theft or fraud). The's far easier to have an independent person to act as an executor - then they don't have any financial interest in the deceased's will.
Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
What does legatee?
A legatee is defined as a person who receives goods via a will. Anyone who takes anything pursuant to a will is a legatee. The term is somewhat archaic with a legatee defined as a person who inherited or took personal property as opposed to a devisee, who inherited real property. Both terms were replaced by beneficiary.
Can you appoint an executor from another estate in your will?
Yes. You can appoint the same person as your executor in your will even if that person has been appointed by someone else as their executor in their will.
What does legatee mean?
LegateeAlso known as a beneficiary, a legatee is a person or organization who is named in a will to receive a portion of the decease's estate.
Can the testator and executor be the same person?
No. The testator is the person who makes a Will.The executor is the person named in a Will as the person who will settle the estate according to the provisions in the Will after the death of the testator. The executor must submit the Will for probate and petition for appointment by the court.
Can an executor encourage someone to change will?
The executor has the same rights as any other person. They can ask someone to change their will.
What happens if the executor dies before the estate is distributed?
AnswerUsually the next of kin will be sought after by a company "In Trust". Children of the deceased will be sought out, or if there are no existing children it can go to a sister, brother, parent of the deceased.AnswerThe court will appoint a new executor. The residual amount then goes into the estate of the person who was to get the remainder and then their estate will distribute as appropriate.AnswerThe court will appoint a new executor. As to the residuary legatee, it depends on when they died. If they were deceased at the time of the death of the testator the gift will lapse unless there is language to the contrary in the Will. If the gift lapses and there is no successor residuary legatee, the residuary will be distributed according to the laws of intestacy as though there is no Will.
Can a executor be the sole beneficiary of mothers will in Massachusetts?
As long as the will was properly drafted and is allowed by the court the executor and the beneficiary can be the same person.
What is a sentence with the word legatee?
The legatee inherited a valuable family heirloom from their deceased relative.
How do you use legatee in a sentence?
"James is the legatee in his father's last will and testement."
What word means a person entitled to inherit?
Inheritor(beneficiary, heir, legatee, recipient, successor)
Is an executor of an estate the same as an beneficery?
NO. The executor of the estate is the person appointed by the court to pay the debts, distribute the property as directed in the will, file a tax return, etc. A beneficiary is a person who receives a gift under the will.
Can you be executor and power of attorny in the same will?
Yes. A person can name the same individual as their attorney in fact under a Power of Attorney and as the named Executor in their Last Will and Testament. Generally, a Power of Attorney is extinguished by law at the time of death of the principal. At that time the person named as Executor needs to petition the Probate Court for appointment as Executor.
