Can the executor of an estate set the price of the real estate of the estate?
In New York an Executor can set the price of the real estate of the estate. However the price should be close or at the market value. Oftentimes in New York an Executor must have the sale approved by the Court. The Court will then look to see if the price is reasonable. The Executor will have to submit various documents to support his request to sell the real estate at the price s/he he set (i.e. appraisal, tax assessment, etc.) So, the answer is yes the Executor can set the price, but oftentimes subject to the approval of Surrogate's Court.
With the approval of the court. The price must be a fair market price. Otherwise the estate is not going to have the assets it needs to close out.
Sister died leaving property to her mom. Before sister's probate was completed Mom died. Can Mom's executor deed the property to himself if Mom's will gives all her property to her son?
Generally, Mom's estate must be probated in order to pass title to the real estate. As soon as her will is allowed and the executor is appointed the title to the real estate passes to her son if that was set forth in her will. The executor can't convey the real estate contrary to the provision set forth in the will. As long as the will was probated the son owns the property. If the… Read More
The executor of an estate may have compensation established in a will, or have compensation awarded by the court or commisioner that oversees the actions of the executor. I am not aware of a set percentage of an estate awarded to the executor.
If a home is left to siblings in a will can executor silbling set sale price to sell to other sibling?
Yes, the executor of the estate can make decisions such as this. it is usually best to talk it through if you are on good terms with your sibling.
No. The executor has to distribute the estate property according to the directions set forth in the will. Unequal distributions by a testator are extremely common. No. The executor has to distribute the estate property according to the directions set forth in the will. Unequal distributions by a testator are extremely common. No. The executor has to distribute the estate property according to the directions set forth in the will. Unequal distributions by a testator… Read More
Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction. Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction. Yes. Generally, the fees paid to the executor for handling the estate are set forth in the probate code in each jurisdiction. Yes. Generally, the fees paid to the executor for… Read More
I have a full accounting of the estate funds and the executor took money from the estate how do get this money back from the executor I am a beneficary?
The executor is entitled to be paid for their work. The court has to approve the distribution and the fee they charged, which is often set by law. If the estate has been closed, you can sue the executor if they breached their fiduciary duty.
You need to check your details. An executor doesn't manage a trust. If property is in a trust it is not part of an estate and it's managed by a trustee. The instrument that created the trust sets forth the powers of the trustee even when the trust is set forth in a will. Those powers usually include the power to sell real estate. Generally, an executor cannot sell property unless they have filed the… Read More
What rights do the non executor surviving children have to the estate when only one is named executor?
The named executor must submit the will for probate and request appointment as the executor. Once appointed they will have the sole authority and responsibility to settle the estate. The executor should hire an attorney, especially if there is real estate. The other family members have no right to interfere with the executor's handling of the estate unless the executor fails to perform their duties properly. They do not have any right to handle any… Read More
Generally, an estate that has real estate must be probated in order for title to the real estate to pass to the heirs legally. If the executor has not filed the will for probate then you should contact an attorney and petition the court to be appointed the administrator of the estate as though there was no will. That way you can set things in motion. If the executor doesn't produce the will, you will… Read More
Can the executive of estate make decisions regarding heired property without discussing it with the heirs?
The short answer is yes. They are responsible for preserving and inventorying the estate. They have to pay the taxes and keep it in good shape.
Is an executor entitled to a commission on the estate if the home is left to him and the money is to be distributed among 3 siblings?
No. The executor gets no commissions. They get paid a fee set by the state.You need guidance from the attorney who is handling the estate. An executor is personally liable for mishandling estate property or funds.
The fees paid to the executor for handling the estate are set forth in the state probate code. Or, it can be done gratis.
The executor is responsible for the estate. The same person can also be the trustee for a trust set up under the will.
Generally the executor is allowed by law to charge a fee for their services. The amount is set by law and must be paid from the estate before any property is distributed to the beneficiaries. Generally the executor is allowed by law to charge a fee for their services. The amount is set by law and must be paid from the estate before any property is distributed to the beneficiaries. Generally the executor is allowed… Read More
Property that was transferred to a trust is not part of the estate of a decedent. A decedent's estate is comprised of all the property she owned at the time of death. Therefore, if the decedent transferred property to a trust while living that property cannot then be passed by a Will since it was not owned by the decedent at death. If you are referring to a testamentary trust that is set forth in… Read More
What rights do the non-executor surviving children of deceased parents have to the estate when only one is named executor?
The right to inherit has nothing to do with who was named executor. The right to inherit remains valid with all of the children. Consult a probate attorney that knows the laws for your state. ==Another Perspective== The court appointed executor has the obligation and authority to settle the estate. Only the executor has the power to manage the assets, transfer property, close accounts, sell real estate, etc. The executor must follow the provisions set… Read More
The executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it. This amount is separate from the amount they are to receive from the estate.
The estate is responsible for the debts of the decedent. However, the court-appointed executor is responsible for paying the debts according to the schedule set forth in the state probate laws. If the executor has performed their duties according to the law and there are not enough assets to pay the debts then the estate is deemed to be insolvent and the creditors are out of luck.
It means that the estate has not been set up. No one has been appointed as executor to handle the assets and bills.
There is no set fee, the executor is appointed by the person making the will and could be anybody, even a member of the family or a trusted friend.
The appointed executor of an estate is entitled to compensation, usually set by law in most states and jurisdictions.
They certainly may charge the estate. The amount is often set by law. In other places, the court may have to approve the charges.
It will depend on the jurisdiction. In many places it is not required, but highly recommended.
The executor's fee is typically set by law. If the fee is set at 1% (or higher), they certainly can.
Yes. generally, executor fees are set by law. The settling of an estate is time consuming, carries a great amount of responsibility and there are many tasks to be done. The executor should be paid for their work.
Complex estates can take many years to sort out and close. There is no set time frame for closing an estate in Wisconsin.
No. The estate is responsible for the decedent's debts. However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate. If there are debts and no estate the estate is declared to be insolvent… Read More
You can set up any database for real estate. If you have large data, better go for no-sql database.
Yes. A court appointed executor is entitled to be paid for their service and the rate is set by state law. If there is a will, there may be a clause that restricts it for a family member serving as the executor. Depending on the jurisdiction, that may be valid.
I am the Executor of my father's will which has been probated in the state of Ga Is there a time limit to when I need to sell the estate home I heard 3 years from the date my father passed away?
Have you checked with a lawyer and the probate judge? How does the will read? Are there other heirs? Normally there is no is no limit concerning the rules. You can have a real estate agent in the business of determining the price of a house set the value. You can buy out the other heirs and keep the house. How you and the other heirs settle the estate is up to you. The probate… Read More
Yes. The amount an executor can charge for their services is set forth in the state probate code.
Petition In Tennessee, the estate executor files a petition with the court to receive payment for his duties. The petition includes a description of the assets of the estate along with a description of the services rendered. The estate executor requests an amount of compensation and then verifies that a copy of the petition was sent to all interested parties. The amount of compensation is based on the value of the estate and services provided… Read More
If Life Insurance policies are not part of a deceased's estate should an Executor probate an estate that is worth less than the legal fees the estate will incur to probate?
If there is no real property to convey, some states have a short form set of documents that reduce the time and cost of probate. And if there are debts owed by the deceased, it would be a good thing to probate it and get the debts resolved.
If the estate contains enough assets to settle all of the debts, they can. Also, the executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it.
Yes. A court can decide not to appoint the named executor if any interested party provides a compelling objection to the appointment. Also, the court can remove an executor and appoint a successor if it finds the executor is mishandling the estate, submits a resignation or dies while in office.
That must be accomplished through a court action. A court has the power to set aside a real estate purchase.
Although their duties and responsibilities are similar, an executor is appointed by the probate court to administer the estate of a person who left a will (testate estate). The court issues Letters testamentary in the name of the executor and those letters provide the legal authority to act on behalf of the estate in all matters. Often the executor is named in the will. However, anyone can be appointed the executor but the wishes of… Read More
First the executor must be appointed by the probate court. Once appointed the executor is obligated to follow the rules set forth in the probate code which includes amongst other things publishing a notice the the estate is to be probated, filing an inventory of the assets both real and personal and the final task of filing a final account with the court accounting for all the property that was listed in the inventory and… Read More
Can executor in Massachusetts sell property without the beneficiaries' approval if the house is in trust and the executor is part of that trust?
No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor. Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document… Read More
In California does the executor have to be appointed by the court even if the trust states who the executor is?
You are very confused about trusts and executors and mixing your terms. The decision to transfer your property to a trust is an estate planning tool. Property that has been properly transferred to a valid trust does not become part of the probate estate of a decedent because that property is owned by the trust. Property owned by a trust is managed by the trustee according to the provisions set forth in the trust. While… Read More
Typically expect to pay at least 3%. However this is not set in stone and is totally negotiable, and can fluciate greatly depending on the price of the home and expereince of estate agency.
One of the advantages of working in real estate is that you set your own schedule but you only get paid if you produce.
No. A living person (the principal) can execute a Power of Attorney document that appoints an attorney-in-fact to act on their behalf and manage their affairs while they are alive. A POA is extinguished immediately upon the death of the principal. An executor is the person named in a will to distribute an estate after a person has died. The will must be filed in probate court and the court will appoint the named executor… Read More
There is no set price. It must be transferred from one business to another. The price can vary just like real estate. Depending on where it is located, a license can be worth a few thousand or a few million dollars.
There is no set time frame in Colorado. Complex estates can take many years to sort out and close.
Ohio has no set time frame. Complex estates can take many years to sort out and close.
Complex estates can take many years to sort out and close. There is no set time frame in Mississippi.
There is no set time frame. They are required to do their best to get the most value for the property as possible.
No. An executor settles an estate according to the provisions in the will. A trustee manages a trust according to the provisions in a trust. A trust may be set forth in a will. In that case the will must be probated with the executor in charge of the probate of the will. Once the probate process is completed the court will allow the trusteeship and officially appoint the trustee. Then that trustee will manage… Read More