Wiki User
∙ 14y agoIf the power to sell real estate was granted in the will then the executor has the power to sell it. However, if ALL the beneficiaries agree that the property should be retained they should insist the property not be sold. Remember that the beneficiaries own the real estate. If the executor proceeds to try to sell the property the beneficiaries should petition the court to review the matter ASAP.
Wiki User
∙ 14y agoIt will likely depend on the state in which the administration is pending. In Texas, for example, the executor can sell the car (and indeed sign the title) only if (i) the Will gives the executor a power of sale or (ii) the sale is necessary to pay debts of the decedent or expenses of administration. Otherwise, the only action the executor can take is to convey the car to the beneficiaries under the Will.
The estate or actually the executor of the estate is responsible for medical and other expenses as part of the distribution of the estate. After all debts have been paid from the proceeds of liquidation of the estate only then can funds be distributed to beneficiaries. The executor of the estate and beneficiaries of the estate need not pay anything out of their own pocket if the estate cannot pay for the entire bill. But if the expenses are not paid the hospital will certainly come after the estate and any monies that were distributed. Check the terms of the life insurance. If payment is assigned directly to the beneficiaries you may not need disburse funds to the hospital. On the other hand, if the life insurance goes to the estate, the hospital must be paid first if you don't want to end up in court.
i want some examples of liquidation expenses ....
Reasonable expenses can be charged to the estate. The executor can also receive payment.
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
They get paid for reasonable out of pocket expenses as the court may allow. There is no set amount and if it is not stated in the will then the beneficiaries decide the amount. If they can not agree on the fee a judge decides what is reasonable.
After funeral expenses
The executor can make a claim against the estate for expenses. The probate court will have to approve. The expenses have to be reasonable and normal.
The proceeds of a life insurance policy are paid directly to the beneficiaries without going into the estate of the person. The only way that life insurance proceeds become part of an estate is if the the beneficiary is listed as "Estate of the Insured". In this case any expenses of the estate are to be paid out before the heirs receive a share. If there are beneficiaries on the policy, the life insurance company will pay the beneficiaries directly.
In Alabama, the executor of a will is entitled to compensation for their services. The compensation is typically set by the terms of the will or agreed upon by the executor and the beneficiaries. If the will does not specify compensation, Alabama law allows for a "reasonable fee" for the executor's services.
The executor may be reimbursed by the estate for out-of-pocket expenses related to the settling of the estate, such as maintaining a property (and mortgage payments) until sale, clean-up costs, etc, and may be paid a minimal hourly fee for some such work. The funeral home is typically the first debt paid from the estate, ahead of other debts and ahead of the named beneficiaries.But neither the executor nor other beneficiaries are not entitled to reimbursement by the estate for personal expensessuch as travel to funeral, hotel, restaurants, new suit, etc. Those are personal expenses which are voluntary on the part of the bereaved and unrelated to the estate.On the other hand, many people have small life insurance policies with specified beneficiaries, intended to help with those immediate expenses. Such policies do not have to go through probate and may pay out quite quickly.
Yes. Payment of debts takes priority over other bequests. In most cases, the second requirement of a will says to pay all debts including taxes (the first being to pay for funeral and medical expenses.).