Question

Tom is the executor of his brother Mitch’s estate. Tom’s responsibilities include:

Tom is the executor of his brother Mitch’s estate. Tom’s responsibilities include:

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

An executor is a person who upon the death of a person, administers his/her estate.

Tom’s responsibilities include -

1) File the copy of will to court

2) Inform banks and other financial institutions about decendent's death

3) Represent the estate in the court

4) Manage incoming funds and ongoing bills

5) Inventory of the estate's asset shall be filed with court

6) Maintain the assets until the date of distribution or sale

7) Pay debts and bills of estate

8) Distribute assets according to the terms of will

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Mr. pink died testate. in his will he named his son pink jr as executor of...
Mr. pink died testate. in his will he named his son pink jr as executor of his estate. after his son declines to serve his friend Mr. orange agrees to serve as executor but was never formally appointed by the court. all of Mr. Pinks property has been distributed to his wife Mrs. pink. who is the personal representative for the purpose of filing form 706?
Mr. Pink died testate. In his will, he named his son, Pink Jr., as executor of...
Mr. Pink died testate. In his will, he named his son, Pink Jr., as executor of his estate. After his son declines to serve, his friend, Mr. orange, agrees to serve as executor, and was so appointed by the court. All of Mr. Pink’s property has been distributed to his wife, Mrs. Pink. Who is the personal representative for purposes of filing form 706? (1) Pink Jr. (2) Mr. Orange (3) Mrs. Pink (4) none of the above
Tom, age 48, is advised by his family physician that he needs back surgery to correct...
Tom, age 48, is advised by his family physician that he needs back surgery to correct a problem from his last back surgery. Since Tom is in a wheel chair, he needs his wife, Jean, to accompany him on his trip to Rochester, Minnesota, for in-patient treatment at the Mayo Clinic, which specializes in this type of surgery. Tom incurred the following costs in 2019 with regard to the trip: Round-trip airfare ($350 each)                                                $ 700 Jean’s hotel in Rochester...
Describe when an executor should elect to value estate assets using the alternative valuation date.
Describe when an executor should elect to value estate assets using the alternative valuation date.
Tom was recently diagnosed with a tumor in the posterior aspect of his spinal cord at...
Tom was recently diagnosed with a tumor in the posterior aspect of his spinal cord at the level of C6 that has resulted in a C5 incomplete spinal cord injury with changes in sensation. Based on the location of the tumor: 1. What ascending spinal tract(s) have been affected? 2. What types of sensation have been affected and what types remained intact? (i.e. temperature, pain, proprioception, etc.) 3. Where on Tom’s body will the sensory deficits be present? Use specific...
Tom is a partner in TXY partnership. His adjusted basis in the partnership is $30,000. During...
Tom is a partner in TXY partnership. His adjusted basis in the partnership is $30,000. During the year, he receives the following distributions:                                                             AB                              FMV Cash                                                    $25,000                       $25,000 Property                                              $25,000                       $50,000. These are non-liquidating, proportionate, pro-rata distributions. a. What gain, if any, must Tom recognize on these distributions? b. What is Tom’s basis in the property?
Joe’s estate consists of $500,000. His will makes the following bequests: $10,000 to his sister Sally,...
Joe’s estate consists of $500,000. His will makes the following bequests: $10,000 to his sister Sally, $20,000 to his nephew Alex and the rest of his estate to his mother Carolyn. During the first year of the administration of his estate, his estate has earned $50,000 in income. Upon closing of the estate that same year, his executor makes the specific bequests to Sally and Alex, and distributes all remaining assets to Carolyn. Explain the concept of DNI, and comment...
Jonathan's taxable had prior taxable gifts of $4,500,000 and an estate valued at his death of...
Jonathan's taxable had prior taxable gifts of $4,500,000 and an estate valued at his death of $8,700,000. His executor paid the following expenses: Attorney fees, $7,500, Accountant Fees $3,000, Funeral Costs $15,000, and appraisal fees $1,500. What is Jonathan's estate tax?
1. Tom’s Top End Motors and Fast Eddie’s Quality Cars are two local used car dealers....
1. Tom’s Top End Motors and Fast Eddie’s Quality Cars are two local used car dealers. Tom and Eddie are comparing their sales. The mean monthly sales are similar, however, Tom Monroe (owner of Tom’s Top End Motors) thinks his sales are no more consistent than Fast Eddie’s. Below is a listing of the number of cars sold for the last eight months for Tom’s Top End Motors and for the last seven months for Fast Eddie’s Quality Cars. Tom’s...
Tom is the brand manager of a major real estate company selling residential apartments in the...
Tom is the brand manager of a major real estate company selling residential apartments in the United Arab Emirates. Discuss at least three applications of his knowledge of price elasticity of demand that can influence the profitability of his brand.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT