Memorandum on Executor’s Liability Question: What Liability does an executor of a will personally have if they sign a contract guaranteeing the payment of rent (from new tenants) of a lease transfer? Short Answer: The executor can guarantee the rent payments for a lease transfer if they personally take on the responsibility for a new contract. The estate does not have a liability to make payments that the executor guaranteed of the new tenants. Facts: An estate now is in possession of a business and lease. The executor wants to sell the business and transfer the lease over to new owners. However, the landlord will not agree to transfer the lease to the buyer without the executor signing a guarantee of payment for rent under the new tenants. The executor wants to know the liability of …show more content…
If an executor distributes assets to beneficiaries before paying off all debts on the estate, the estate’s creditors can assert personal liability against the executor for the decedent’s debts. If the executor competently handles the estate and does not negligently distribute assets to beneficiaries before paying off debts, then the executor cannot be personally liable for any subsequent claims. However, if the executor is found to have managed the distribution of the will improperly and distributed assets before paying off all necessary debts, then they can be held personally liable to creditors of the estate. N.J. Stat. Ann. § 3B:14-35 (West) The executor can distribute estate assets to beneficiaries only after debts and taxes are paid. The executor follows the instructions laid out in the will, or if no will, turns to state law to determine who inherits through intestacy. When the executor or administrator has paid all debts, filed the required tax returns, and distributed all the estate assets, the court will relieve the executor of his or her
Case name: Peter K. Dementas v The Estate of Jack Tallas, 764 P.2d 628 (1988)
On September 12, 2014, Denise Rockett filed a complaint against Eugene Nigro, Esq. Nigro was reportedly negligent when handling legal matters in her late husband’s estate. Specifically, the complainant alleges that Denise, as Executrix of her late husband’s estate, was intentionally excluded from major decisions, not properly compensated, and deprived of control over their properties. Nigro allegedly breached his fiduciary obligation and violated Mass.R.Prof.C. 1.4(b), 1.7(b), and 8.4(c).
Vicarious liability is a common law concept that refers to the liability that arises when one party, such as an employer, is legally liable for the acts or omissions of another party, such as an employee. This is because employers have a duty to take reasonable care for the safety of their employees and those of others who come into contact with them and their business.
2. Are the owners of the apartment complex or the management of the apartment complex liable about the injuries caused by Scooter?
In a letter to his former law professor and fellow delegate to the Continental Congress, George Wythe, Thomas Jefferson wrote, “I think by far the most important bill in our whole code is that for the diffusion of knowledge among the people. No other sure foundation can be devised for the preservation of freedom, and happiness” (“Letter to George Wythe”). While this accurately reflects his deeply held conviction that education was existentially integral to the American democratic system, it is not as well-known as his 1802 letter to the Danbury Baptist Association. It was in this letter that he proclaimed that “believing with you that religion is a matter which lies solely between man & his god… the whole American people… declared that their legislature should make no law respecting an establishment of religion, or prohibiting the free exercise thereof, thus building a wall of separation between church and state” (“Letter to
Additionally, the former executor should file copies all the completed tax returns for the estate in the proper storage box. If the decedent had amended returns three years before death, store those returns as well. Once all the important documents of the estate are in the storage boxes, the former executor should store the boxes for at least three
What creditor protection was provided to Mr. Dutton’s assets in the course of implementing his estate plan?
Under the new standard, a lease is defined as a contract that provides lessees the right to “control” the usage the “identified asset.” “Control” means accepting the substantial monetary benefits and having the right to decide how to use the asset. To meet the requirement of an identified asset, it has to be physically distinct which is not including natural gas or biological assets.
After Issa's death, Malek filed a petition to probate his will and be appointed executor of his
Upon termination of the trust the trustee shall distribute the trust property as agreed to by the beneficiaries and, in the case of a charitable trust, requiring the Attorney’s General consent, as agreed to by the Attorney General.
If I name two or more primary beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving primary beneficiaries shall equally divide the deceased primary beneficiary's share unless I have specifically provided otherwise. If I name two or more alternate beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving alternate beneficiaries shall equally divide the deceased alternate beneficiary's
Civil Liability has more than one source. There are two sources of liabilities, civil wrong and unjust enrichment. But most importantly civil liability is to be responsible for debts or wrongdoing against another private party (http://www.legalmatch.com/law-library/article/defenses-to-civil-liability.html). A Civil Wrong could arise from three different acts. It could arise from personal acts, acts of another, and from things. But, my main focus is personal acts. All these acts are considered as a civil wrong which is an action with a tort, an act against another person or their property, and, a breach of the terms of a contract (http://thelawdictionary.org/civil-wrong/). In order to prove that a person is liable for that certain act we should analyze the civil wrong elements which are , wrong, damage, and causation. A The second source of liability is unjust enrichment which is benefiting from the action or property of another without legal justification (http://www.duhaime.org/LegalDictionary/U/UnjustEnrichment.aspx).Unjust Enrichment could arise from a payment not due and a voluntary agency. Unjust Enrichment includes three elements which are loss, benefit, and no legal justification. Both liabilities have different understandings and have different aspects in viewing a case.
The transferor gives the transferee an entire or a restricted amount of recourse in the transfer of a full receivable, a class of a full receivable, or a small amount of the full receivable with recourse. The transferor is obliged under the full agreement of the recourse provision to pay the transferee or to just rebuy the receivables bought under convinced circumstances. Ideally this is for defaults that are at a percentage of the amount specified.
When it comes to funeral planning the funeral director has a major role to play. The majority of funeral homes in the United States are family affairs. Some funeral homes are small and intimate with the funeral director fulfilling a number of functions including collecting the body of the deceased and transporting it to the funeral home for preparation for the
The English Law on Vicarious Liability An employer is responsible for damage caused by the torts of his employees acting in the course of employment. This is known as ‘vicarious liability’[1]. Essentially, vicarious liability is where the employer is generally substituted in terms of liability for the employee, the employee also has liability but the resources of the employer such as insurance makes them more financially attractive to the claimant. The mechanism of vicarious liability is arguably the best compromise between the needs of tort victims and the freedom of businesses as the employer usually has insurance to cover the tort of the employee, making it more financially viable to the employer than directly compensating the claimant.