what can be paid out of an estate account
Best answer
Bills owed by the decedentwill be paid from the estate account. Keep in mind that not all bills may need to be paid. To determine which bills should be paid,and which need not be paid,it best to speak with an experienced probate lawyer.
People also ask
What expenses does the estate have to pay for?
Most of the expenses incurred while settling an estate are paid for by the estate, which is composed of the deceased savings, assets, etc. So what can the estate pay for and what must you pay for out of your own pocket? Expenses that can be covered by the estate include:
How does the executor of an estate pay off debt?
The executor has authority to pay these debts as they come in, using estate assets. (Usually, the executor consolidates the deceased person’s liquid assets into an estate checking account.)
Can an executor withdraw money from an estate account?
The answer to that is absolutely not. Even though the executor is one of the beneficiaries of the estate account, at the end of the day the account is not his. The estate belongs to all the beneficiaries. So if an executor withdraws cash from the estate account, he is considered by the law to be taking everyone money, not just his own.
Can an executor use money from an estate for a funeral?
A funeral can include everything from the actual burial expenses and the burial plot to a headstone and casket. All of these expenses can really add up and as executor, you need to know if you can use money from the estate to pay for these cost s.