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If there are two executors of an estate what fee do they receive?
Wiki User
∙ 13y ago
In my case, the probate lawyer recommended the executor's fee to the judge. It was a percentage of the estate. Two executors would have received half of that amount in this particular jurisdiction. In other areas different criteria apply.
No one should write a will with two executors. It is so much easier for one person to fill out forms and get stuff done. One person can write a check and divide a bank account between two people. One person can sell a piece of property and sign the deed. One person can split a stock account between two people. One signature is a whole lot easier to get than two signatures, especially when the other person is on an all around the world vacation and did not tell her brother where she was going.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoIf they are both properly assigned as co-executors, they are entitled to share the fee, set by law.
Wiki User
∙ 10y agoThey usually base it on the amount of work each did. If they each did half the work, they would split the fee. If one only did 10% of the work, they should only get 10% of the fee.
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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.
In the state of NJ if there are 5 executors do they split the executor fee or is each paid a separate fee?
In New Jersey, 1% of the estate is added to the usual percentages for one executor for each additional executor. They split the total commission equally unless there is an agreement among them to split it in some other proportion. In an estate of about $100,000, the usual commission is 5% for one executor. If there are two executors, the commission would be 6%, with each entitled to 3% unless they agree to a different split. This answer is for informational purposes only and not to be taken as legal advice.
What happens in the UK when two executors do not agree?
When co-executors cannot agree then they each need to have their own attorney (or solicitor) and then allow the attorneys to complete the proceedings. Generally, an attorney will not allow the client to impede the process unnecessarily. Generally, the attorneys will be paid by the estate so it benefits the estate for the co-executors to act reasonably and responsibly to preserve the assets that will eventually pass to the beneficiaries.
How should you choose an executor for your will?
Select an executor for your will based on trust and relationship. A family member can execute the estate or you can choose two people to be co-executors. Lawyers can do it but they will likely charge the estate a percentage.
When a Will has named two co-independent executors can the heirs request to have one of the executors removed - The estate is not that complex and the heirs are trying to limit the expense?
Probably not if that's the only reason and if no executor is willing to removed voluntarilly. A decedent's choice of executors, no matter how many, is his and his alone just as is the manner in which his estate is divided. It will be upheld by a court unless the two cannot get along causing problems in the estate. Most states have statutes that outline the circumstances which call for the removal of an executor. These mostly have to do with the executor not doing the job properly to the detriment of the estate. The extra expense, while it may unnecessarilly reduce the estate, is not such a circumstance at least in New Jersey, but probably in most states as well. This answer is given for informational purposes only and not as legal advice.
Can you have two executors?
Yes. You may name co-executors in your will. However, if you do so you should make certain that the two get along well and that your instructions in the will are very clear. You might consider naming an arbitrator, your attorney perhaps, if the two have a disagreement they cannot resolve.
Can an estate have 2 executor?
No. The best arrangement is a single executor since having two can complicate and delay the probating of the estate. However, it is up to the testator.No. The best arrangement is a single executor since having two can complicate and delay the probating of the estate. However, it is up to the testator.No. The best arrangement is a single executor since having two can complicate and delay the probating of the estate. However, it is up to the testator.No. The best arrangement is a single executor since having two can complicate and delay the probating of the estate. However, it is up to the testator.
Can one sibling be selected to be executor of the estate even though all 5 children have been assigned as executors of the estate?
* Generally there are only one or two Executors to a Will. Executor (male) or Executrix (female.) It is odd there should be five Executors. An Executor/Executrix has the right to decline to handle the wishes of the said Will and this is the reason for basically having a back up Executor or Executrix. The group of siblings should get together and decide who will be handling the Will as Executor or Executrix. If one is chosen then they should get a fee for their trouble which is anywhere from one to four percent of the entire Estate (property, monies, etc.) and that will be up to the other siblings unless otherwise stipulated in the Will.
A silver dollar collection was found and the executors want to inventory it but two of the beneficiaries are objecting is it acceptable for the executors to inventory it anyway?
The beneficiaries have no authority as to how an estate is to be handled. That is the duty of the executor or executrix who will be held personally and legally accountable to the court for all assets and property belonging to the deceased. Therefore the executor has a legal obligation to inventory ALL property and assets and to accurately enter them into the probate filing of the estate.
What happens when the two executors of a will denounce their roles as executors?
The remaining executor can submit a resignation to the court and request that a successor be appointed.
Two executors were named in the Letters Testamentary. Does this mean executors must act together all the time?
Generally, that means they must work together unless the will grants the power to act independent of each other. In practice, two executors acting independently of each other is a bad very idea unless they get along and communicate extremely well. Some estate tasks could be delegated to each one of the co-executors but both should sign legal documents such as deeds. Acting independently would make it difficult to maintain records, to do an accounting and to keep abreast of the status of the probate process. However, laws vary from state to state. You should ask the attorney who is handling the estate.
If 2 executors can 1 carry out tasks without permission from the other?
Generally, if two executors are named in the will and then appointed by the court as co-executors they must act together unless the will provides that either can act alone.
