You must notify the deceased’s creditors to give them an opportunity to make claims against the estate for payment. As the claims come in, you’ll have to decide if they’re valid and whether to pay them. If you decide to pay them, you would do so out of estate funds -- you’re...
While it is possible to pick an attorney or accountant, it is more common for the individual to select a trusted family member or friend as their personal representative. This person is termed the executor of an estate. Think of the executor as the captain who steers a will through the som...
When the time came, she was very ready and died as she lived – well.A couple years before her death, my grandmom appointed me as trustee of her living trust and executor of her estate. As I go through the probate process, we'll learn together (if you choose to join me on the ...
The appointed executor or administrator of the estate cancash checksfor the estate. According to theNew York Bar, the probate court must approve this personal representative, and they may be someone specified in a will, someone chosen by the court if there's no will or someone who chose to...
Look for people close to you who you believe to be: Responsible,so they can use good judgment to carry out your wishes Financially stable,so they're not seen as a risk to your estate Mentally fit,so the responsibilities of executorship will be within their grasp ...
1. The executor; 2. Any residuary legatee holding in trust for any other person (that is, where the residuary estate is subject to a trust); 3. Any residuary legatee or devisee for life; 4. The ultimate residuary legatee or devisee, including one entitled on the happening of any co...
The couple is presented before the judge of a First Instance Court (on the appointed date), who observes the agreement provided by the counsellor and passes judgment on the matter. This can include offers and counteroffers by the two parties, and the process can continue for as long as the...
Accountants employed in this field often handle traditional areas of accounting, such as audits, taxes, and financial analysis, yet at the same time, they can work in an exciting and glamorous field. Trustee in Bankruptcy A trustee in bankruptcy is an accountant who has been appointed by the ...
For example, an executor of an estate may be appointed through a will left by a decedent.Power of attorneymay be assigned to a person to tend to certain affairs for another person while they are out of the country or not capable of taking action for themselves. An assignor will often be...
A notice to creditors can be a specific contact with a known creditor or a public notice commonly posted in a local newspaper by a trust or estate'sexecutoras part of theprobateof the estate of a decedent. The notice serves as the official notification to creditors and debtors of the proba...