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Does the executor get a fee on an IRA that was left to beneficiaries herself and her sister?
Wiki User
∙ 17y ago
The IRA is usually treated seperately from the total Estate if there is no Power of Attorney on the documents so it's highly unlikely that the executor would get a percentage unless the heirs agree to it. * No. In the US, the executor or administrator of an estate is only entitled to the percentage allowed by the laws of the state probate court.
Wiki User
∙ 17y ago
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Can the executor of an estate give permission to his friends to access the estate property and can beneficiaries do the same?
The Excutor is responsible for damange to all property, keeping records of spending for funeral costs, etc., out of the Estate. Technically, the only people that should be allowed on that property is the Executor and the beneficiaries or a real estate agent. Eventually the Will goes into Probate where all creditors will be paid off, all property taxes, personal taxes, etc., and what is left in the Estate will be divided amongst the beneficiaries. It is also customary for the beneficiaries (if not mentioned in the Will) to give 1 1/2% - 3% (can go up to 5%, but a judge would question this) to the Executor of the Will. Being Executor can be a tough job and lots of red tape even if the Estate is on the small side. If the Estate is small then 1 1/2 - 2% is customary, and if it's a large percent then 2 1/2% - 3%. The Executor can have friends on the premises, but is 100% responsible for any damage or missing articles from that Estate. The Executor should let the beneficiaries know, and thus, the beneficiaries should let the Executor know if they have friends on the property. It's a good idea to take a video of each room, any jewelry, art, etc. before anyone goes onto the property besides the Executor or beneficiaries.
When my mother passed in June 2008 in Virginia she left will but nothing has been done by my sister the executor she is still assuming she has poa?
A POA expires when the principal dies. Your sister is acting with no legal authority whatsoever and could get herself in trouble. She has no right to handle your mother's property until she has been appointed the executor by a court. The will must be probated and an executor appointed by a court. You should speak with an attorney who specializes in probate. You need to protect your interest in your mother's estate.
Can a co-independent executor lease a property by themselves?
I am a joint executor of a property that has been left to me and my sister in our mothers will. Are we qualified to rent out this property on lease, without the need to transfer ownership.
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.
IF STOCK IS LEFT TO YOU IN A WILL DO YOU HAVE TO BE PRESENT FOR THE READING OF THE WILL?
No, you do not need to be present for the reading of a will to inherit stocks or any other assets. Once a will is executed, the executor will notify the beneficiaries of their inheritance outside of the formal reading of the will.
What should you do with your sister that has power of attorney and executor of the will?
A Power of attorney expires immediately upon the death of the principal. If your parent has died the POA is no longer in effect. If your parent left a will naming your sister as the executor the will must be submitted to the probate court. The court will review the will to determine if it is valid under state laws. If it is allowed then your sister will be appointed the executor if no other person objects to the appointment. Once she has been appointed by the court as executor your sister will have the authority to settle the estate according to the provisions set forth in the will, according to the state probate laws and under the supervision of the probate court.
Your sister was murdered by her husband who then committed suicide your sister was first beneficiary on policy do her family have any rights to the life insurance death benefits?
Usually it depends on how the beneficiaries were stated on the policy. If she left all to the husband, then since he was the last to die, his beneficiaries would be the ones who count. But, if she died first, the contingent beneficiaries would be the next on the list. I don't know though, if the murder and suicide would affect this.
When someone died how do you know if he left anything in the will for you?
Typically, the executor of the deceased person's estate will inform beneficiaries mentioned in the will. If you suspect that you may be mentioned in a will but have not been notified, you can inquire with the executor or contact the estate lawyer handling the matter. Additionally, wills are usually filed with the probate court, so you could check there to see if a will exists and if you are named as a beneficiary.
Do they have to sell everything at estate sale?
If they don't sell it, the goods still have to be disposed of. The Executor can elect to donate the remainder to a charity for a tax write off, or trash them. If the debts can be settled without selling all the items, what is left can be claimed by the beneficiaries.
How does the executor know what was left in the will?
He reads the will.
What is a sentence using the word beneficiary?
Beneficiaries are those who benefit. Here are some sentences.The beneficiaries of his will were happy with what he left them.We are all beneficiaries when people take care of the earth.That law will have many beneficiaries.
A home was willed and left to you and 2 other beneficiaries and needs to be appraised to determine inheritance taxes who by NJ law is required to perform this appraisal?
The executor of the estate assumes all responsibilities associated with the estate. Of course, the payment for the appraisal will come out of estate assets.
