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The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.
Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.
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How do you calculate executors compensation when you are also a beneficiary?
The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.The executor's compensation is set by law. The office of executor is separate from being a beneficiary. Compensation for an executor is not affected by also being a beneficiary.
Can the executor of a will receive compensation for being executor and beneficiary?
Yes, the executor is entitled to compensation. They may also be a beneficiary.
What if a beneficiary of a will dies while the will is being dealt with by the executor?
The beneficiaries' estate will get their share. The executor will continue to process things according to the will.
Can an executor who is also a beneficiary receive a commissionfees for being executor Or should they choose between the two monies?
Unless specified otherwise in the will, an executor is entitled to compensation for their work. Anything they inherit is a separate accounting.
In UK law can the executor of a will sell the house at a lower price to what the beneficiary would like and could they end up being sued for doing so?
The executor has a duty to the estate. The price must be a fair market price and the beneficiary cannot choose what that is.
In the state of Virginia can an executor also be witness to and beneficiary of a will?
Being named the executor and the beneficiary, and then signing as the witness would leave the will vulnerable to challenges. A beneficiary is often named as executor in a last will. Generally, you should not be a witness or notary of any written instrument from which you will benefit. However, in Virginia it may be legal according to the following section: § 64.1-51. Interested persons as competent witnesses. No person shall be incompetent to testify for or against the will solely by reason of any interest in the will or the estate of the testator. You should check with an attorney in Virginia who specializes in probate.
Can a deed to the family home be transferred to the executrix who is also a beneficiary without the signatures of all the beneficiaries?
The beneficiaries do not have the ability to transfer property. The executor can deed the property to whomever it is being sold or distributed to. The executor can also transfer the deed to the estate while determining disposition.
Can an executor deny a beneficiary access to property listed in an estate?
No they can't. However, if the beneficiary is being unreasonable, then the Executor has the right to ask the beneficiary to deal with him through their lawyer. Answer An executor can deny a beneficiary access to property in an estate. Once again though, you must check the laws of the jurisdiction which govern that estate. Most states have laws that say that an executor is entitled to possession and control of all estate assets during administration. Many also provide that if an executor demands that a beneficiary give back an asset that the beneficiary has taken, the beneficiary must give it back. This is necessary for the orderly administration of every estate. You can imagine the chaos that would ensue if every beneficiary had full access to everything in the estate while administration of the estate is going on. Don't forget that the other parts of settling an estate may involve the sale of some items in order to pay debts owed by the deceased. It is often more easily and efficiently done if you let the executor--named by the deceased--complete the job.
Is a will valid without an executor of the estate being appointed?
There is no requirement that an executor be named in the will for the will to be valid. The court will appoint one.
Can a beneficiary force the sale of a property when executor years ends if the other beneficiaries disagree?
Type your answer here... Can a beneficiary force executors to wind up an estate, or ask them to buy him out in respect of a property being involved
How do you get bank records of deceased parent without being the executor of the will?
You don't.
Do a lawyer or a the executor of the estate contact you regarding being a beneficiary in a will?
That is part of their responsibility, to notify the heirs. They have to show the court they have made very effort to do so.
