Quote from: bec on August 03, 2012, 10:59:36 PM@mindseye:
QuoteI'm thinking... that the negative media campaign was started by MJ and family to draw attention to the fake will and executors.
Oh my I think you're right.
Because once its all settled and monies distrubuted to the heirs (Katherine, Prince, Paris and Blanket) they can't do anything about it...and that includes working out what to do with MJ's biggest assest..his catalogue..I believe the executors (in this situation because it is such a large job) have only four years to complete their job.....from the date of applying for a probate to be accepted as executors through the courts, at which time Katherine attempted to contest the will siggesting Michael couldn't have signed it, but the courts didn't find anything wrong with the wills valididity back then and denied the contest by Katherine)
Then Joe and Leonard tried the same thing, but once again, where denied...
Its not about the money.......The executors stand to make much more from the estate....but who gave them power to deny access of the siblings who contested the will??? Thats not ethical and not legal...
Four years to get it right, otherwise its irreversable..............hmmmmmmmm
Duties of the executor
The executor is responsible for taking care of legal and financial matters related to the deceased person's death. She lodges the will to seek probate, examines financial records and files all tax documents. The executor must first pay the estate's liabilities. If there are assets left over after paying off taxes and debts, the executor distributes the assets in accordance with the deceased person's will.
Real Estate and other property
Sometimes the executor is called upon to make decisions about what to do with real estate or other property. If the deceased left behind property, the executor must decide whether to sell it. The executor must also decide what to do with securities and investments the deceased person left behind.
The executor's primary duty is to pay off as much of the estate's debts as possible, so if the estate owes a lot of money, the executor may have to sell the deceased's home or other assets to satisfy the debts.
Tying up loose ends
The executor must also tie up loose ends left behind. For example, if the deceased owned credit cards solely in his name, the executor should cancel the cards. If there's any balance on the cards at the time of death, the estate must pay it, however this debt is of lower priority than secured debts such as mortgages or car loans.
Settling the estate
The executor pays various bills out of the estate's funds and then distributes the inheritances. First, the executor pays funeral costs and outstanding medical bills. Next, he pays the deceased's employees any money owed to them. Secured debts such as a mortgage or car loan are paid as well as taxes. Finally, the executor pays unsecured debts if possible. After all debts and taxes are paid, the executor must distribute the rest of the estate's assets according to the will. If the estate was insolvent, heirs will not receive inheritances. Where a deceased person is elderly and their financial affairs are in order the liabilities are most often satisfied and the inheritances paid.