Usually there is a bank account set up by the Executor for the Estate of the deceased. Into this account all other bank accounts and savings can be added by the Executor as well as any death benefits payable, Tax credits or returns, etc., and proceeds of sale of the deceased person's house (if applicable). Once all expenses are paid out from the monies, IE cost of funeral, lawyer fees, Executor fees, loans, lines of credit, etc., the monies can be divided amongst the beneficiaries according to the provisions of the Last Will and Testament. This can be done by way of certified cheque, bank draft, money order, or cheque from the Estate account, etc., however the Executor deems appropriate. The beneficiaries are sometimes asked to sign releases after they've received their bequests and after all the monies are paid out, the duties of the Executor are complete.
Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.Yes. It is the executor who makes the distribution and then closes the estate according to the provisions of state law. Therefore the proceeds must be taken into the estate.
As an executor, you have a duty to sell the house and distribute the proceeds. If you want to buy the house from the estate, you can make that arrangement.
As long as it takes. Not trying to be flippant, but each estate is different and there is no legal limit. The executor has to make regular reports to the court to demonstrate movement.
Either renounce or administer the estate or pay a professional to deal with the matter and the fees would be met from the estate. It is up to the executor to decide. If the exector decides to administer the estate, he or she can be paid a fee (amount varies by state and county). The executor is not a beneficiary and the beneficiary is not the executor. The beneficiaries really have no say as to what the executor should do (i.e., adminster estate, hire attorney to represent estate, or renounce). The executor has a sworn duty to administer the estate in accordance with the deceased's will and the laws of the state and county of probate.
The executor is entitled to compensation for their time and effort. The court will approve the payment at the going rate.
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.