Once the liquid cash and assets are depleted in an estate, who is responsible for paying bills until a property is sold?

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Once the liquid cash and assets are depleted in an estate, who is responsible for paying bills until a property is sold?

An executor has been appointed. Is that individual responsible for the funds or is a family member of the deceased or should bills not be paid until the estate is settled (i.e. property sold)?

Asked on August 15, 2011 Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If there are not enough liquid assets of an estate to pay expenses of an asset that is not liquid (real property), typically the beneficiaries of the estate are asked to loan the estate the necessary money to safeguard the the asset that is not liquid pending its sale subject to court approval.

The executor of the state is responsible for inventorying all assets of the estate to be placed in the first accounting filed in the superior court concerning the probate proceeding. The executor if willing, could loan the estate necessary funds subject to court approval if needed. All bills of the estate that are approved by the executor should be timely paid to assist in the expeditious closing of the probate proceeding.


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