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estate cds

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deseree

Member
What is the name of your state (only U.S. law)? ohio
is the executor allowed to cash in estate cd to pay off loan on truck belonging to estate?
 


tranquility

Senior Member
"Allowed" is a difficult term. Simple answer, yes, he's allowed. The better question is, would so doing be a breach of his fiduciary duties?

That answer would require a lot more facts.
 

deseree

Member
cds

ohio-Executor stated that there was a loan out for a vehicle, not enough money in estate checking account to pay it off. Said cd was only getting 2% so he cashed it in and paid off the vehicle and put the rest in checking and using it to pay estate utilities. as far as the vehicles can the insurance be lowered so the estate doesnt pay out alot each month for vehicles just sitting there?
Thank you
 

Dandy Don

Senior Member
If the CD had a designated beneficiary, then unless he was the beneficiary, he had no business cashing in the CD. IF there was no beneficiary, then he is allowed to cash it as long as he is putting the funds into an estate account. Let's hope that he is using the checking account as the estate account, and someone needs to tell him that a separate account should be set up just for estate matters.
 

tranquility

Senior Member
If the CD had a designated beneficiary, then unless he was the beneficiary, he had no business cashing in the CD.
No business? I think it would be a felony as the executor would need to represent that he was the now-dead principal to do so.

IF there was no beneficiary, then he is allowed to cash it as long as he is putting the funds into an estate account.
There's that term "allowed" again. Since I can come up with a number of ways this could be a breach of fiduciary duties I am uncertain as to the focus on which account the money went to especially how the OP seemed to use the terms:
not enough money in estate checking account to pay it off.
and:
cashed it in and paid off the vehicle and put the rest in checking and using it to pay estate utilities.
 

deseree

Member
cds

ohio-
executor has an estate account, he said he took the cd and cashed it to pay
off the loan on a vehicle,
parents will states him as executor and that the five heirs share and share a like very basic will
was this a violation of his exector duties?, he did not discuss cashing in the cd with any of the other four heirs.
 

anteater

Senior Member
ohio-
executor has an estate account, he said he took the cd and cashed it to pay
off the loan on a vehicle,
parents will states him as executor and that the five heirs share and share a like very basic will
was this a violation of his exector duties?, he did not discuss cashing in the cd with any of the other four heirs.
You were told a long, long time ago that it is not a democracy and that the executor does not have to hold a round table discussion for every decision.
 

deseree

Member
cds

I wasnt asking if the executor had to hold a meeting, i just wanted to know if he was allowed to cash a cd in to pay for the vehicle loan?
I was told the cd belonged to all 5 heirs and that it should not have been cashed in.
also does the executor have to reveal the contents of parents safety deposit box to the heirs?
executor turned in the inventory of the estate and the court sent it back to
estate attorney for corrections? what does that usually mean?
on the inventory some items where appraised by an appraiser and some where appraised by executor why doesnt everything get appraised by the
court appointed appraiser?
 

tranquility

Senior Member
The questions are not answerable in a vacuum of facts. How about you describe the will and the assets and what has happened and why. Perhaps then we can give some answers. Although the bottom line is that the executor needs to treat all the heirs fairly. He does not, in any way, shape or form, ask them for permission to take any action he deems fair.
 

anteater

Senior Member
The questions are not answerable in a vacuum of facts. How about you describe the will and the assets and what has happened and why. Perhaps then we can give some answers. Although the bottom line is that the executor needs to treat all the heirs fairly. He does not, in any way, shape or form, ask them for permission to take any action he deems fair.
Tranq - It's a long and sordid tale involving brother and his color blind wife, neglected farm animals, locked barns, horses, cameras, easements, and and who knows what else.

All that is missing is a long sea voyage and an ape that has consumed more steroids than Mark McGwire.
 
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deseree

Member
estate cd and will

ohio,
my parents will is very basic, it simply states if both parents are gone my brother is executor,and that all 5 heirs are to share and share alike.
This is a will that was written in 1970.
Since my brother has taken over January 14th 2010, my mom passed away in September and my father in December.
Executor changed the locks on the estate day after fathers passing.
Told everyone to stay away he is in charge. Executor and his wife went to all the neighbors with the will and told them him and his wife where in charge of the estate if they see anyone else at the estate to call them.
I had my horse on the estate property had to prove the horse was mine never got permission to remove from estate until June executor wants to charge me for my horse stable fees ex... also he put pad locks on all doors of the barn after animals where locked in barn all night, put security system in estate and barn.
Never had a family meeting, never had will read to any of the heirs, executor never told any of the heirs what his plans where.
Received will in mail from estate attorney executor hired, received in the mail inventory filed at court house but rejected by court.
Executor accussing me of being in the house on several occassions and removing items, but he changed the locks and no one had access but the executor and his wife. All neighbors I talked with said they only seen the executor and his wife at estate and loading stuff in their car.
4 of the heirs received bank statements and receipts of what executor has been doing with the estate money, i never received a copy.
one of heirs states that the executor cashed in a cd to pay for vehicle loan.
is that an illegal move or can the executor do as he wishes with estate money as long as he shows what he did with it?
 

anteater

Senior Member
ohio,
one of heirs states that the executor cashed in a cd to pay for vehicle loan.
is that an illegal move or can the executor do as he wishes with estate money as long as he shows what he did with it?
The vehicle is an asset of the estate. The loan is a liability of the estate.

The loan has to be paid eventually.

As long as the net estate is distributed to "...all 5 heirs... share and share alike", there is nothing "illegal."
 

tranquility

Senior Member
Executor changed the locks on the estate day after fathers passing.
Very good idea. I feel it could be a breach not to.
Told everyone to stay away he is in charge. Executor and his wife went to all the neighbors with the will and told them him and his wife where in charge of the estate if they see anyone else at the estate to call them.
Good ideas again. While it would not be a breach to not have done this, it does show good judgment.
I had my horse on the estate property had to prove the horse was mine never got permission to remove from estate until June executor wants to charge me for my horse stable fees ex... also he put pad locks on all doors of the barn after animals where locked in barn all night, put security system in estate and barn.
I don't see any right to charge stable fees, but the rest seems prudent.
Never had a family meeting, never had will read to any of the heirs, executor never told any of the heirs what his plans where.
There does not seem a requirement for a meeting or telling of plans. Go to court to see a copy of the filed will. You may have had to be notified of a hearing to determine a validity of the will.
Received will in mail from estate attorney executor hired, received in the mail inventory filed at court house but rejected by court.
You did get a will. A rejected inventory or accounting is more likely to have an error in the formatting then anything else. A court has no idea what the estate holds.
Executor accussing me of being in the house on several occassions and removing items, but he changed the locks and no one had access but the executor and his wife. All neighbors I talked with said they only seen the executor and his wife at estate and loading stuff in their car.
That you claim you could not have when you could have claimed you didn't is odd. The executor needs to secure the estate's property. If that's what they were doing, that's fine. If it is later not listed in the inventory, that's not fine. Now, prove what is missing from the final distribution.
4 of the heirs received bank statements and receipts of what executor has been doing with the estate money, i never received a copy.
It's not a requirement to do so. But, favoring some heirs over others may be a problem. This is the first thing you mentioned which is even partially relevant. It's minor and there really isn't anything you can do about it, but--something.
one of heirs states that the executor cashed in a cd to pay for vehicle loan.
Back with this again? All the financial data would need to be known to see if this was appropriate.
is that an illegal move or can the executor do as he wishes with estate money as long as he shows what he did with it?
Asked and answered.

From anteater's post and this one by you, it seems you are the problem and not the executor.
 
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