Results 1 to 2 of 2
  1. #1
    Join Date
    May 2009
    Posts
    1

    Default Who Pays Expenses when Required to Settle Assets

    My question involves estate proceedings in the state of: Pennsylvania

    I am the sole beneficiary of a friend's estate. The only asset in that estate is a house that is being sold.

    Who is responsible to manage and pay the expenses associated with the sale of the house? (e.g., utility expenses, property taxes) The executor or me?

    My concern is that the executor is a lawyer who doesn't have funds to use as the estate only consists of a house that is as yet unsold. He says it is my responsibility to pay these expenses since I am the inheritor. Is there a law that clarifies this point?

    In addition, I am concerned that I will be paying a significant inheritance tax shortly (9 months post death) on the estimated value of this unsold property. I don't have the money to pay that either: am I obligated to take out a loan to make that payment?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Who Pays Expenses when Required to Settle Assets

    Normally the estate pays the ongoing expenses, such as utilities and mortgage payments, pending distribution of the bequests. Often there is language in the will directing how taxes and expenses are to be paid. What, if anything, does the will say about taxes?

    What's the issue here - are you trying to have the house sold as part of the estate, so you can take a cash bequest instead of taking ownership of the house? Is that what the executor is insisting upon, to pay the estate's other debts (and his fees)?

    1. Sponsored Links
       

Similar Threads

  1. Interstate Issues: Air Fare Expenses in Exchange for Medical Bill Expenses
    By kbizzl in forum Child Custody, Support and Visitation
    Replies: 2
    Last Post: 08-26-2011, 12:09 PM
  2. Giving Notice: Am I Required to Give 60 Days' Notice to Move Out if It's Required By My Lease
    By voxclone in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 01-23-2011, 10:43 AM
  3. Opening an Estate: Next to No Assets - Is Probate Required
    By writer_p in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 11-25-2009, 04:36 AM
  4. Divorce: Pro-Forma Divorce to Protect Marital Assets from Terminal Expenses
    By RCBlack in forum Divorce, Annulment and Separation
    Replies: 1
    Last Post: 07-02-2009, 06:55 PM
  5. How Much Should I Settle for
    By jastone29 in forum Worker's Compensation
    Replies: 2
    Last Post: 08-16-2008, 10:44 AM
 
 
Sponsored Links

Legal Help, Information and Resources