Legal Question in Wills and Trusts in Virginia
Can an executor loan money to an estate and place an IOU against the estate to be paid with future expected income?
Asked on 4/26/11, 2:55 pm
1 Answer from Attorneys
Paul B. Ward
Law Offices of Paul B. Ward
Yes, an executor can advance funds to an estate and get paid back from the estate assets; in fact, this occurs in almost every estate, since the executor must pay a probate tax to the probate office of the Circuit Court as a prerequisite to being appointed as executor; only after being appointd can the executor open a bank account for the estate.
Answered on 4/27/11, 10:43 am