Settling estates liquidating stocks
On the other hand, if Uncle Bob’s Will directed that a valuable painting go to your sister, it’s probably better to wait a while longer just to make sure there are enough other assets to cover all the outstanding liabilities.
If there are insufficient assets, the value of the sold painting could be a way to cover outstanding debts.
In cases like this, the executor potentially has a personal liability to pay the outstanding tax liability because the executor improperly paid estate assets to satisfy lower-class creditor claims before settling the IRS claims, Doyle says.
We provide our DIY information as a service to families settling estates or helping with a family member’s transition to assisted living.
If your project is too large or complicated to manage yourself, give us a call anytime for a free consultation: 800-913-7747.
The cash in the estate bank account may be used to pay any estate-specific bills, such as valid debts that the decedent owned, or court filing fees.
As the executor, you’ll also be able to sell any of the stocks, bonds death or other securities to raise any cash necessary to manage the estate while it’s in probate.