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Can the personal cost of a executor of a will be claim from the estate?
Wiki User
∙ 14y ago
Yes it certainly can be. Reasonable costs and payment are usually part of the laws in many states. Consult an attorney in your state for the specific amounts.
Wiki User
∙ 14y ago
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Who becomes the executor of an estate if no one accepts being executor and no relatives?
The court will appoint an executor either an attorney or a bank. The cost will come out of the estate.
Can executor take full fee on sale of home if it is the only thing in the estate and left to the 3 children?
Yes, the proceeds of the sale must be used to resolve the claims against the estate, including the cost of the executor.
Is the executor of a will responsible to pay city and county taxes due on the property or should costs be split between heirs?
One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.One of the duties of the executor is to pay the debts of the decedent. If those charges have been billed to the decedent the executor should pay them. If there is not enough cash in the estate to pay the heirs should divide the cost and pay if they wish to keep the property.
Do executor fees reduce estate tax?
They are a cost to the estate and typically are a deduction from taxes or the total amount. Yes, they will reduce the estate tax. Consulting a CPA or tax attorney would be a good idea!
Who pays for real estate title work on an inherited house given by the executor of the father's estate?
Typically it would be expected that the estate would cover the minimal cost of transferring the title, particularly if the will specifies who is to get it. If the estate does not have sufficient assets to cover the cost, it would not be unreasonable to request the beneficiary to cover it.
What is the responsibility of an executor in a will?
An executor is the person (or people) who is/are responsible for settling the details of a deceased person's estate (ie debts, taxes, cost of the funeral arrangements and applying for a grant of probate) and after all the above are settled, distributing the residue of the estate as laid down in the will. The executor could charge a fee for doing this job and should keep good records of what has been done
Can an executor do maintenance work to a family home when the other children are not consulted and they are being held responsible for the cost of repairs?
The executor must be appointed by the court. Once appointed they have the authority and responsibility to do whatever is necessary to settle the estate. That is the purpose of having an executor. If repairs are necessary to maintain the property or to prepare it for sale the executor has the authority to arrange for the repairs.
What happens when a separated spouse applys for probate and a letter has been left asking a daughter to deal with estate?
The court will appoint an executor. If there is controversy, they are likely to appoint an attorney or bank to serve, which will cost the estate more money.
Can I sell my father's vehicle if the vehicle is still in his name and he passed away?
You do not have the authority to do that. You can obtain permission from the probate court, or the executor of the estate. Often there is a small estate probate method that allows it to be done quickly and at limited cost.
Can Medicaid levy my assets?
Medicaid will file a lien/estate claim on your assets to recover the cost of medical care.
How much to charge for expenses as executor?
While I am not sure what you mean by "cost to become an executor of the estate," you might find this information useful on the cost to open an estate. To be appointed as executor or administrator of the estate (executors serve is there is a will, administrators serve if there is no will or no named executor,) you normally need to be appointed by the probate court. The exact procedure depends on the state where the estate is probated. This means that you will need to pay a filing fee and might need to post bond (this provides insurance if you skip out with estate funds.) In California the filing fee runs $435.00. You will probably also need to publish notice in a newspaper, this varies depending on the paper where you publish. In my geographical practice area, the publication runs $100 - $200. And of course, there is the attorney to assist you and represent you in court. Again, how and how much the attorney gets paid depends on the laws of your state. Here in California, my fee for ordinary services are set by statute (law.) I only get paid after the probate court approves my fee, generally at the end of administration. And, since you are not the executor yet, you cannot use the estate's funds to start the process. Most attorney's require an advance of costs (filing and publication fees) to get started. OK, so now the good news. In California at least, any funds you spend on opening the probate is considered a "cost of administration." This means that the estate will pay you back before any other creditors. You will need to wait till the estate closes, but you will get the funds back (no interest though.)
Should a brother charge his sister executor fees if he is named as executor but they are to share the inheritance equally?
It is up to the brother. Most state probate codes allow the executor to charge a fee for their services. Executor duties and responsibilities can take up a lot of time. If there are only two beneficiaries, that will cut down on the executor's tasks somewhat. The brother should keep detailed time sheets for any time spent on estate matters and a deteiled account of any money spent on parking, postage, copying or other costs. The brother can then decide toward the end of his duties whether he wants to charge the estate or not. The executor's fee is a cost of the estate and should be paid before any assets are distributed so that brother and sister each pay equally.
