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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.
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.
Arkansas: 32,029,540,000 Oregon: 33,802,142,000 ... would be good to be able to see some trends in the data in terms of growth by state in terms of taxes paid References
If the estate includes property that was inherited from someone else within the preceding 10 years, and there was estate tax paid on that property, there may also be a credit for property previously taxed. Because of these exemptions, only the largest 0.2% of estates in the US will have to pay any estate tax. [8]
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A decedent's debt typically gets paid via their estate — that is, any money or property they left behind. If you die with debt, your estate may first be purged to pay it off.
An executor is a person appointed by a will to act on behalf of the estate of the will-maker (the "testator") upon his or her death. 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.
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 ...