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In certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries.
In certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries.
In certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries.
In certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries.
Wiki User
∙ 10y ago
Wiki User
∙ 12y agoNo. 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 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.
Wiki User
∙ 10y agoIn certain cases- yes. The executor is entitled to a fee the amount of which is set by law. If there is not enough money in the estate to pay that fee it may have to come out of the gifts to the beneficiaries. The debts of the decedent and costs of administration must be paid before any assets can be distributed to the beneficiaries.
Wiki User
∙ 10y agoYes, a partial distribution can be made. This is often done when there may still be debts to be resolved and some reserve must be retained.
Wiki User
∙ 12y agoNo. 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.
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What is an Executor's commission?
A reasonable fee an executor can charge for doing all the work (and there can be a lot of it) in executing a will. This fee will be on top of any expenses and will come out of the estate before any inheritance payouts. Heirs should be able to see what the expenses and commission are, should they wish to do so - it is the duty of the executor to keep detailed records/accounts.
Is an executor obligated to keep heirs informed of court proceedings of estate?
An executor is obligated to keep heirs informed of court proceedings of an estate. Information should be sent by first class mail or certified return receipt for proof of notification.
What are the obligation of an executor to the heirs of an estate?
To insure that the estate is settle correctly and efficiently to maximize the heirs inheritance and to provide clean title to property. A full accounting of the estate and its assets must be produced.
What is an commission?
A reasonable fee an executor can charge for doing all the work (and there can be a lot of it) in executing a will. This fee will be on top of any expenses and will come out of the estate before any inheritance payouts. Heirs should be able to see what the expenses and commission are, should they wish to do so - it is the duty of the executor to keep detailed records/accounts.
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.
Can an executor of an estate remove heirs from a property that is designated to be sold in the will if those heirs have paid the property taxes?
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Can a sibling sue another sibling for interference with inheritance?
That's the decision of the executor of the estate. If the other siblings want to keep the property, they would have to pay the other for their share.
For how long should executors of a will keep the bank statements of the deceased?
The executor's duties end when the final account is allowed and the estate is thereby closed. The heirs could request the personal papers of the decedent at that time.
You are the named executor of your mother's will and she left land but no cash who is responsible for the cost of probate?
Your mother' estate must be probated. You are not the executor until the will has been reviewed and allowed by the probate court and you have been appointed by the court. Title to the real property cannot pass to her heirs until the estate is probated. Your mother's debts must be paid before any property can be distributed to the heirs. If there are debts and no cash to pay them then the executor must sell the real estate to pay those debts. If the heirs want to keep the real estate then they will need to share the cost of probate . . . it benefits them. You need to consult with an attorney who specializes in probate law who can review your situation and explain to you and the other heirs what your options are under the law in your jurisdiction.
Can a co-executor force the other co-executor to sell real estate?
Executors must be appointed by the court and then perform their duties under the supervision of the court. You need to appeal to the court for a ruling if the two of you have equal power and cannot agree. You must state all the pertinent facts in a motion and the reason the sale of the real estate would be in the best interest of the heirs. The court will issue an order that must be followed. On the other hand, if one of the heirs wants to keep the property they must buy out the interests of the other heirs.
Does the bank sell a reverse mortgage home on owners death?
Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.Yes, unless the mortgage is paid off by the heirs if they want to keep the property.
Can an executor who inherits the decedent's house use assets from bank and brokerage accounts left jointly to himself and other heirs to pay debts solely related to the house?
No. The other heirs would have a cause of action against the executor for self dealing. He should seek a legal opinion from the attorney who is handling the estate before spending estate funds to benefit himself. He may be required to sell the house, pay the outstanding debts relating to it and then keep the net proceeds. Or, he could pay the house debts himself if he wants to keep the property.No. The other heirs would have a cause of action against the executor for self dealing. He should seek a legal opinion from the attorney who is handling the estate before spending estate funds to benefit himself. He may be required to sell the house, pay the outstanding debts relating to it and then keep the net proceeds. Or, he could pay the house debts himself if he wants to keep the property.No. The other heirs would have a cause of action against the executor for self dealing. He should seek a legal opinion from the attorney who is handling the estate before spending estate funds to benefit himself. He may be required to sell the house, pay the outstanding debts relating to it and then keep the net proceeds. Or, he could pay the house debts himself if he wants to keep the property.No. The other heirs would have a cause of action against the executor for self dealing. He should seek a legal opinion from the attorney who is handling the estate before spending estate funds to benefit himself. He may be required to sell the house, pay the outstanding debts relating to it and then keep the net proceeds. Or, he could pay the house debts himself if he wants to keep the property.
