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As an executor, you can be held liable if you make distributions too soon before taxes or creditors are paid. Adhere strictly to the timeline that the law enforces. Your lawyer can help you with this.
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Potentially, but there are limitations on how much less an executor can accept. For example, in California, the law states that an executor must sell a home for at least 90 percent of its ...
An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate , although it is not required that they fulfill this.
Q: How much time does it take to be an executor? As: Being the executor of an estate can eat up a few hours a week during the beginning and end of the administration, with less time required ...
A common area where executory contracts are found is US bankruptcy law, where obligations exist for both parties to a contract at the time of a bankruptcy petition.In cases such as this, both the debtor, or the side that is filing for bankruptcy, and counterparty, or the side contracting with the debtor, may have to make further performance.
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