QUESTION
Can I be forced to loan a portion of my estate money to an executor?
Asked on Nov 26th, 2013 on Estate Planning - California
More details to this question:
They want to secure estate property that the bank refused to mortgage for them.
9 ANSWERS
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Your question is confusing. You can't loan your estate to your personal representative (executor) because at the point that you have a personal representative you are dead. If you are the beneficiary of a decedent's estate, then you don't have anything to loan; the PR has control of the estate and can expend funds for any lawful purpose and yes, if the PR thinks it makes sense to apply funds to securing the property, then he or she is going to do that; you could object, but the PR has the power.
Answered on Dec 02nd, 2013 at 6:07 PM
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More facts are needed. I suggest you meet with an attorney who can review the Will and court papers.
Answered on Dec 02nd, 2013 at 6:06 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Need more details to form an opinion you would want to rely on.
Answered on Dec 02nd, 2013 at 6:06 PM
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If the money has been distributed, it is yours. If it is still in the estate and is needed to further the estate, the executor may be able to use it.
Answered on Dec 02nd, 2013 at 10:26 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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I assume you mean that part of your share of the estate is being used. You cannot be forced to contribute to the estate.Of course, if you do not pay, it could have a bearing on the administration.
Answered on Dec 02nd, 2013 at 10:25 AM
What do you mean "My estate money?" The executor is charged with paying all true debts and has the power to spend the money, sell the personal property, or the real estate. There is no "estate money" until the debts and administration costs are paid.
Answered on Dec 02nd, 2013 at 10:13 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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I don't think you can be "forced" to loan the money, although the personal representative may have the power to use estate assets that not have been distributed to preserve other assets. Also, if you are to receive the asset that is being preserved, it may be in your interest to loan the money to keep it safe.
Answered on Dec 02nd, 2013 at 10:13 AM
No. An executor has very limited power; the court must appoint an administrator who has power to sell property and raise money. They could use estate money to make necessary payments to preserve the property and other assets, such as paying taxes. The estate money is not yours until it is distributed to you.
Answered on Dec 02nd, 2013 at 10:12 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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No, and don't do it, or you will come to regret the transaction.
Answered on Dec 02nd, 2013 at 10:10 AM