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In the state of NJ if there are 5 executors do they split the executor fee or is each paid a separate fee?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
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What executors are allowed to probate a will in the state of Texas?
The executors that are appointed by the court. The court will issue a letter of authority to the appropriate executor(s).
What is the hourly rate for an executor?
The amount an executor can charge varies from state to state. You need to check the laws in your state. You could try a search for 'executors fees in your state'.
Can a executor change a will and split it 5050 with anouther person when the will does not state that?
No. Executors must carry out the terms of the will as they are written with this exception: The beneficiaries may agree amongst themselves to divide the estate in a manner other than that in the will. This is just recognition of the fact that people can make gifts as they see fit. This does not give an executor power to do that. The beneficiaries do it and instruct the executor to make the distribution the way they want to.
What is the fee an executor receives in Virginia?
In the state of Va. the executor receives 10% after all bills are paid of the deceased. Second the executor is paid their 10%, third the executors expenses and reimbursements are paid and finally any inheritance left and designated per the will are disbursed accordingly.
I am named as a co-executor. what happens if co-executor dies?
If a co-executor dies, the surviving co-executor becomes the sole executor. Papers issued by the probate court that state that there are two co-executors have to be changed to show that there is only one now. The procedure to do that is set by each particular court. You also have to see if the will says something different. Sometimes a person wants 2 or more people as executors at all times. That person might appoint coexecutors and provide that in the event of the death of one coexecutor another person shall be added.
Can one of the co executor's distribute property without the other co executor?
Generally, no. First of all, when questions arise involving a will, you first see if the will makes a specific provision for the problem. A will may state that each executor may act independently of the other but this can cause problems. If the will is silent regarding independent action then look to the law of the jurisdiction in which the will was probated. Most state's law provide that unless the will says otherwise, the executors must act together. When there are two co-executors and they disagree about distribution, the matter could wind up in court where it will determine who is right and who is wrong.
How do I formally state my unwillingness to serve as executor of an estate?
In the UK: Assuming the person whose will it is has already passed away you need to create (or have created) a deed of renunciation and hand that to the beneficiaries or other executors.
Who pays the bills for legal representation in a deceased estate when the Executors cannot work together.Who approves the cost of separate legal representation to defend the claim against the estate.?
This is a question to be answered by looking to the law of the state of probate. Generally (at least in New Jersey) when an executor retains a lawyer to help in the administration of an estate, that lawyer is actually retained by the executor not the estate. The executor is personally liable for the bill; however, the law recognizes that legal help is needed so it allows the executor a reimbursement for a reasonable amount of legal fees. Some states have statutorily fixed amounts. When two executors retain their own lawyers they also are each personally liable for their own lawyers' bills unless the probate court allows the reimbursement. Usually when two executors hire separate lawyers it is because they simply want their own lawyers. A probate court is not going to allow legal fees for duplication of effort by the lawyers. Depending on the amount and type of work done by each lawyer, the probate court will probably allow some but not of the legal fees to be paid from the estate and decide who gets what. If the court does not allow full reimbursement out of the estate, the executors have to pay the rest of their own lawyer's bill themselves.
What is the rate of compensation to the executor of an estate?
The rates of compensation of executors are fixed by the laws of the state in which the will was probated. Generally, executors get a percentage of the "corpus" and of the "income" of the estate. "Corpus" means the assets of the decedent at the date of his death. "Income" means interest, dividends, rents, etc earned by the corpus after the date of death. You must check the probate state's laws for the actual percentages AND what types of property qualifies as "corpus". For example, at least in New Jersey an executor might, in certain circumstances, not be entitled to commissions on the value of, say, real estate that passed to a joint owner.
Do executors determine the percentage they are paid for their duties or is there a set legal percent. Also does it have to be approved by all the heirs of the estate?
How an executor is compensated specifically would depend upon the state. In California, for example, executors are paid according to a schedule in the statute. In fact, under that schedule, executors may receive payment for their services based upon the same percentage of the gross estate, as would the attorney representing the estate (barring extraordinary services of legal counsel). In California, the heirs would not have a veto over compensation directly, but could attack the manner in which an estate is handled (therefore attacking compensation indirectly). An executor could be surcharged by the court if he or she is found to have breached fiduciary duties to the estate. However, the actual method could vary from state to state.
Can the executor sell property without all beneficiaries approval?
The answer depends on the laws of the state the probate is in, the terms of the will and the facts of the situation. First, what does the will say? It may say the executor has full power to sell in his/her discretion. In that case, the beneficiaries do not have to approve. If the will says nothing specific about a power of sale then look to the laws of the state. Every state has laws that spell out what executors can and cannot do. The laws of the state of probate might provide that an executor has to obtain a court order to sell the property. If it does, any of the beneficiaries might object to the sale when the executor applies for the order; however, the objector will have to prove the objections are valid.
Why was India split into separate nations?
Because the Muslims refused to agree on a single state.
