The administrator or personal representative or executor are all interchangeable terms. They have 3 basic duties. One is to notify all heirs and beneficiaries of an estate of the proceedings as well as any creditors that have already filed claims. Secondly, it is their duty to preserve and enhance the assets of the estate and finally, it is their duty to distribute all of the assets at the close of the estate in accordance with the court’s findings.
Am I Entitled To Anything From The Estate As The Executor?
In South Carolina, which is the only state that I can speak to, the executor is entitled to 5% of the assets except for real property in the estate. If the executor sells the real property then he or she is entitled to 5% commission on that sale.
When Is A Will Considered Invalid?
There are several situations where that can happen. One is to not follow the technical requirements such as having two witnesses and of course, the testator signing the will. Also, if the court finds that the testator was incompetent when he signed it then the will is not valid. Finally, if the court finds that force or coercion was brought against the testator to make him prepare a will in a certain way then the will is considered to be invalid.
What Happens To A Business Owned By The Deceased?
That’s a hard question to answer because it depends on several different factors. If the business is a corporation then it will continue just as if nothing had happened. Of course, the one who died will have to be replaced in his job but the business will continue going. The person’s shares will come into the estate to be dealt with. If the business is not a corporation, in other words, a sole proprietorship then the assets of that business come into the estate and the personal representative or executor will have the duty to continue the business during the estate.
Which Creditors Must Be Paid?
There is a listing of expenses in South Carolina. The cost of the probate will be the first to be paid. An attorney for the estate is second in line and then, any medical bills of the last illness will have to be paid next. That’s not talking about medical bills incurred several years prior and those have to be paid third. Then, any claims including judgments or liens would be paid on a pro rata basis if there is not enough assets to pay them all. But they would be paid in order of seniority, when they were filed and so on.
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