If I am the executrix of an estate, can I sell personal property and put the proceeds in an estate account to pay debts?
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If I am the executrix of an estate, can I sell personal property and put the proceeds in an estate account to pay debts?
Asked on September 20, 2010 under Estate Planning, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The duties of an Executrix or any Personal Representative of an Estate is to gather and value assets and debts and to pay off creditors before the distribution of the estate to the beneficiaries. But make sure that you do so wisely so that it is not seen as retaliatory in any way. If there is an item that you can sell that is not a specific bequest to someone maybe that should be one of the first to go. In other words, if the Testator left a piece of jewelry to her niece try and avoid selling at first so that you can fulfill the wishes of the testator as well as take care of the debts of the estate. It is a great balancing act and it comes with great responsibility AND great scrutiny under the law. You should seek some legal advice with it as well. Good luck.
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