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Can executor who has grant of probate distribute the estate between other executors and beneficiaries?
Wiki User
∙ 10y ago
That is the job of the executor. They have to inventory the estate, value the property, resolve debts and then distribute the remainder.
Wiki User
∙ 8y ago
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How to terminate an executer of estate?
I am assuming this question relates to a situation where the executor has already been appointed and the beneficiaries are unhappy with the administration. You can file a lawsuit in the probate court demanding the removal of an executor, however you will have to prove that the executor is acting unlawfully to the detriment of the estate or otherwise not fulfilling his/her duties. Mere animosity between an executor and beneficiaries without proof of some substantial wrongdoing will not serve as grounds for the court to order a removal. These lawsuits should not be filed unless there is serious wrongdoing because with legal fees for both sides a lot of the estate can be spent in the litigation. Besides, courts offer beneficiaries other remedies for problems, such as forcing an executor to make an accounting. Most Courts consider removal of executors a drastic measure.
Must will be probated to become an executor?
In the United States an executor must be appointed by the court. In Canada an Executor can be assigned through the will by the deceased. The executor must prepare all the documents and perform all the due diligence prior to the estate being granted probate by the courts. The executor is the designated person who handles all the affairs of the deceased and is the liaison person between the beneficiaries and the lawyer.
Can a person be an executor to the estate he owes money to?
Yes. Nothing prohibits a testator from choosing a person as his or her executor simply because there is a debt between them. In the matter of who is to be the executor, courts go to great lengths to honor the wishes of the deceased. The beneficiaries will be able to challenge in court the manner in which the executor handled repayment. An executor might be held to a higher standard of proof if he or she disputes the claim in full or in part than any other creditor might be held to. In other words, although it appears that there is a conflict of interest in the executor handling his/her own claim, there are remedies available to beneficiaries to ensure proper handling of that claim that do not thwart the decedent's personal choice of the person to be the executor.
Can an executor buy family home at full price if they are also a beneficiary if 3 out of 4 beneficiaries agree?
Any of the beneficiaries could buy the property at full price. The court has to approve it, but I don't see any reason why they wouldn't approve a valid sale at a market value. The money goes into the estate and is then divided between the debtors and beneficiaries.
Do family members of a will have to sign off to the executor?
It is important to distinguish here between 'family members' and 'beneficiaries'. If the will leaves the estate to people who aren't family members, then no, those family members do not have to 'sign off' the will. If, however, family members are beneficiaries according to the will, then yes, the beneficiaries will have to sign a release once they have collected whatever amount has been left to them in the will.
What is the difference between co-executor and independent co executor?
What is the difference between an independent co-executor and a co-executor
If an executor is not a family member should they be paid?
You need to check with your state's laws. Illinois law, for example, provides that executors are entitled to "reasonable compensation". It does not distinguish between family members and others. 755 ILCS 5/27‑1.
Can executor pay her daughter to paint the house to ready it for sale?
Usually, yes, however, the executor is running a risk. An executor is not prohibited from hiring a relative merely because she is a relative. However; the executor may not pay that her more than the job is worth. No sweetheart deals, even if the daughter is a sweetheart. But that type of transaction is subject to challenge since it is inherently a conflict of interest for an executor to hire relatives to do things. The beneficiaries have the right to contest the amount paid if that amount is unreasonable or if the job done is substandard. If the executor overpays or gets a sustandard job, he risks having to reimburse the estate for the difference between what he would have paid to a professional and what he paid to his daughter.
How do you remove or terminate an executor or administrator of an estate?
The answer depends upon the laws of the state where the estate is. Every state has laws that give the grounds which serve as reasons to remove or terminate an acting executor. In New Jersey, an executor m ay be removed only for cause, such as, refusing to make an accounting if ordered by a court to do so; if he has embezzled, wasted or misappleied assets; if h e neglects to administer the estate; if he is no longer of sound mind, etc. The mere fact that the beneficiaries may not like the executor or even if there is some animosity between them is not a reason to remove the executor unles he does something harmful to the estate
How are disputes handled between two co-executors of an estate?
The co-executors should discuss the issue with the attorney who is handling the estate. If the dispute cannot be resolved the matter should be brought before the court for a ruling.
Does an executrix of an estate have the right to make decisions regarding the sale of property without being in agreement with the two other parties who with her have an equal share.?
In many jurisdictions, the executor may be granted the authority to sell the real estate in the will, without needing to obtain any license from the court to do so. In that case she has the power to sell it and distribute the proceeds according to the provisions of the will. If the authority was not granted in the will then the executor must apply for a license to sell from the court and the beneficiaries can object. The court will rule on the objections. If the two want to keep the property they will need to purchase the executor's share from her. If an agreement cannot be reached between the three parties then a Petition to Partition the property may become necessary. In that case it may be divided if large enough or sold with the proceeds divided equally minus the cost of the partition.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
